Critics attack plan to scrap bankers pay cap as millions struggle
The i says The Chancellor, Kwasi Kwarteng, has faced widespread criticism after he proposed to scrap the cap on bankers’ bonuses as millions struggle during the cost of living crisis.
Andrew Sentance, an economist and former member of the Bank of England’s Monetary Policy Committee, criticised the timing of the announcement, saying: “It sends a rather confused signal when people are being squeezed in terms of the cost of living and the Government is trying to encourage pay restraint in the public sector.
“To appear to allow bankers bigger bonuses at the same time doesn’t look very well timed. There may be some longer-term arguments for pursuing this policy, but I think the timing would be very bad if they did it now.”
