Banks in Britain may be free to award even bigger bonuses from January but new pay perks are unlikely to help the country's financial industry outshine its rivals because top bankers are wary of swapping handsome fixed salaries for uncertain rewards. Scrapping the near decade-old cap on bonuses is a core plank of Britain's post-Brexit easing of rules the European Union adopted to stop excessive risk-taking after taxpayers had to bail out banks in the global financial crisis. The outcome of a Bank of England and Financial Conduct Authority consultation on the proposal to remove curbs on bonuses is due in coming weeks.
FILE PHOTO: Photo of a city worker walking through the City of LondonLONDON - Banks in Britain may be free to award even bigger bonuses from January but new pay perks are unlikely to help the country's financial industry outshine its rivals because top bankers are wary of swapping handsome fixed salaries for uncertain rewards.
Bankers, lawyers and remuneration consultants say, however, high-flyers may lose more than they stand to gain. "We have a cost of living crisis, high inflation, industrial action by the public sector unseen since the 70s ... any announcement of sudden changes to a bank's bonus structure will likely prove controversial."
"You can't imagine a more politically toxic subject for conversation. This has never been a banking industry request and we don't want this to be the conversation in an election year," a senior banker at an international lender said, alluding to an anticipated UK general election in 2024.
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