Post by northwestman on Feb 3, 2024 19:40:03 GMT 1
www.opendemocracy.net/en/labour-city-banks-finance-2m-donations-bankers-bonuses-u-turn-rachel-reeves/
Finance firms gave Labour £2m in two years before banker bonuses U-turn.
Bankers and City-linked firms have handed Labour the equivalent of £2m since the party launched its charm offensive on big business in 2022, openDemocracy analysis of Electoral Commission data shows.
The party’s shift toward an increasingly pro-business policy platform over the last two years has coincided with a huge influx of money from international banks, professional services firms, consultancies and financiers, with campaigners suggesting this financial relationship could explain why Labour’s policies “read like a love letter to the City”.
Meanwhile, amazingly the bankers seem to want to retain the cap on their bonuses! But not for altruistic reasons I'm afraid.
'Bankers are up in arms about attempts to cut their salaries in favour of bigger bonuses, amid fears private school fees will become unaffordable without a guaranteed high income.
An EU cap on the size of bankers bonus was scrapped last year in an effort to boost the City’s competitiveness. Officials at the Bank of England argued that the cap had done little to curb excessive pay, instead simply inflating salaries.
Scrapping the cap should in theory allow banks to incentivise performance by weighting rewards more heavily towards bonuses.
However, bankers who have seen their salaries ramp up to offset the bonus cap have complained that lower fixed pay could stretch their finances.'
Daily Telegraph.
Finance firms gave Labour £2m in two years before banker bonuses U-turn.
Bankers and City-linked firms have handed Labour the equivalent of £2m since the party launched its charm offensive on big business in 2022, openDemocracy analysis of Electoral Commission data shows.
The party’s shift toward an increasingly pro-business policy platform over the last two years has coincided with a huge influx of money from international banks, professional services firms, consultancies and financiers, with campaigners suggesting this financial relationship could explain why Labour’s policies “read like a love letter to the City”.
Meanwhile, amazingly the bankers seem to want to retain the cap on their bonuses! But not for altruistic reasons I'm afraid.
'Bankers are up in arms about attempts to cut their salaries in favour of bigger bonuses, amid fears private school fees will become unaffordable without a guaranteed high income.
An EU cap on the size of bankers bonus was scrapped last year in an effort to boost the City’s competitiveness. Officials at the Bank of England argued that the cap had done little to curb excessive pay, instead simply inflating salaries.
Scrapping the cap should in theory allow banks to incentivise performance by weighting rewards more heavily towards bonuses.
However, bankers who have seen their salaries ramp up to offset the bonus cap have complained that lower fixed pay could stretch their finances.'
Daily Telegraph.