UK must reverse decision to remove banker bonus cap

Banker bonuses are obscene in a cost of living crisis.

The decision to remove the cap on banker bonuses is grotesque and obscene, say the Scottish Greens, who have called on Downing Street to reverse course.

The move, which will come into effect from next week, is a legacy of the disastrous mini-budget announced by ex Chancellor Kwasi Kwarteng and former Prime Minister Liz Truss during their short and ill-fated time in Downing Street.

It has been revealed that EU rules that limit bonus payments at twice a banker's salary will be removed by the UK next Tuesday.

Scottish Greens economy spokesperson, Maggie Chapman MSP, said:

“It is utterly grotesque and morally obscene that any government would allow this cap to be lifted. But doing so during a cost of living crisis where so many are suffering and when so many people are seeing their household budgets stretched to breaking point shows just how much contempt the Tories have for the people they are supposed to represent.

“It is yet another shameful legacy of Liz Truss, Kwasi Kwarteng and the disastrous experiments that they inflicted on our economy and our country. It sums up this Tory government’s commitment to entrenching the worst inequality.

“Any government with any shred of empathy or dignity would have reversed course on this decision long ago. I hope that even at this late minute the Tories reconsider and that Labour shows some principles and pledges to reverse course and bring back the cap.

“We need to build a fairer and more equal society than what came before, rather than cementing the worst aspects of it.”