Shadow chancellor Rachel Reeves rules out reinstating cap on bankers’ bonuses
good morning. Keir Starmer said: “Explosion-proof” Labor Party’s policy proposal Before an election, its main content consists of identifying proposals that could be criticized by the Daily Mail as left-wing, radical, or anti-aspirational and throwing them in the trash. The latest example of this came to light today.
rachel reevesLabor, the shadow chancellor, has announced that the banker’s rule, which was introduced in 2014 as part of an EU initiative aimed at limiting risk-taking in the financial sector blamed for the 2008 crash, and abolished by the LIZ. He said he had no intention of reinstating the bonus cap. Truss on a minimal budget.
In an interview with the BBC, Reeves said:
Capping bankers’ bonuses was introduced in the aftermath of the global financial crisis and was the right move to rebuild public finances.
But it’s gone now and I have no intention of bringing it back.
And as Chancellor of the Exchequer, I want to be a champion of Britain’s successful and thriving financial services industry.
While the announcement is not a big surprise and will be welcomed in the city, analysts argue that the cap would not have worked anyway, as it would only incentivize banks to pay much higher base salaries instead. ing. But it is another example of the narrowing gap between Labor and the Conservatives over economic policy.
The agenda for the day is:
9:30am: Home Secretary James Cleverley will give evidence to the Home Affairs Committee.
9:30am: Plaid Shimru leader Lun ap Iorworth holds a press conference on independence in Cardiff.
10 am: Former Scottish First Minister Nicola Sturgeon will give evidence to the UK’s coronavirus inquiry in Edinburgh. We’ll talk about that in another live blog.
12pm: Rishi Sunak will take on Keir Starmer at PMQs.
After 12:30pm: Northern Ireland Secretary Chris Heaton-Harris made a statement to the House of Commons about the agreement with the DUP to restore power-sharing.
If you would like to contact me, please try the “Send Message” feature. If you are reading on your laptop or desktop, it will appear just below the signature line, on the left side of your screen. This is for those who want to send messages directly. I find it very helpful to have people point out mistakes (including typos) in messages. No mistake is too small to be fixed. I often find your questions very interesting as well. I can’t promise to reply to everything, but I’ll do my best to reply in the comments section below that line. Privately (if you feel it is appropriate to leave your email address). Or on your main blog if you think it’s a topic of widespread interest.
“,”elementId”:”f798130d-ba82-4927-a31f-ba41c1821a48″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Rachel Reeves, the shadow chancellor, has said Labour would not reinstate the cap on bankers’ bonuses that was introduced in 2014, as part of an EU initiative intended to limit the risk-taking in the financial sector blamed for the 2008 crash, and abolished by Liz Truss in her mini-budget.
“,”elementId”:”a82a375b-cd3d-4fc8-9cd1-c8f5f5717562″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
In an interview with the BBC, Reeves said:
“,”elementId”:”93f9c595-50b1-413b-8000-d808b4c575e7″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
The cap on bankers’ bonuses was brought in in the aftermath of the global financial crisis and that was the right thing to do to rebuild the public finances.
\n
But that has gone now and we don’t have any intention of bringing that back.
\n
And as chancellor of the exchequer, I would want to be a champion of a successful and thriving financial services industry in the UK.
\n
“,”elementId”:”6fcbd164-1995-4d51-a551-7fa93c0bed0e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The announcement won’t come as a huge surprise, and it will be welcome in the City, where analysts argued the cap never worked anyway because all it did was encourage banks to pay much higher basic salaries as an alternative. But it is another example of the gap between Labour and the Conservatives on economic policy narrowing.
“,”elementId”:”af4edbc4-7096-4160-a229-9e6b96f30e87″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Here is the agenda for the day.
“,”elementId”:”197d44df-4484-43c4-8a24-e785c09a6394″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
9.30am: James Cleverly, the home secretary, gives evidence to the home affairs committee.
“,”elementId”:”341ca2ea-1ebe-45a8-8ad9-70e6be959742″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
9.30am: Rhun ap Iorwerth, the Plaid Cymru leader, holds a press conference on independence in Cardiff.
“,”elementId”:”158ff67b-7ddd-48bc-8d79-052487e02dd6″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
10am: Nicola Sturgeon, the former Scottish first minister, gives evidence to the UK Covid inquiry in Edinburgh. We will be covering that on a separate live blog.
“,”elementId”:”bc5bc5fc-1a1f-4d22-901f-e6cad8960a63″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
12pm: Rishi Sunak faces Keir Starmer at PMQs.
“,”elementId”:”b40ed9b8-1f4f-4443-b857-01049ef56ad5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
After 12.30pm: Chris Heaton-Harris, the Northern Ireland secretary, makes a statement to the Commons about the deal with the DUP to restore power sharing.
“,”elementId”:”b9dc6e85-e690-4f10-83cd-a07355176521″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
If you want to contact me, do try the “send us a message” feature. You’ll see it just below the byline – on the left of the screen, if you are reading on a laptop or a desktop. This is for people who want to message me directly. I find it very useful when people message to point out errors (even typos – no mistake is too small to correct). Often I find your questions very interesting, too. I can’t promise to reply to them all, but I will try to reply to as many as I can, either in the comments below the line; privately (if you leave an email address and that seems more appropriate); or in the main blog, if I think it is a topic of wide interest.
“,”elementId”:”cb2785aa-0d1d-422a-89f6-344e5733d4da”}],”attributes”:{“pinned”:true,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1706691479000,”blockCreatedOnDisplay”:”03.57 EST”,”blockLastUpdated”:1706693024000,”blockLastUpdatedDisplay”: “04.23 EST”,”blockFirstPublished”:1706691479000,”blockFirstPublishedDisplay”:”03.57 EST”,”blockFirstPublishedDisplayNoTimezone”:”03.57″,”title”:”Shadow Chancellor Rachel Reeves denies lifting cap on bankers’ bonuses”, “Contributor”:[],”primaryDateLine”:”Wednesday January 31, 2024 04.23 EST”,”SecondaryDateLine”:”Initial publication date Wednesday January 31, 2024 03.57 EST”}],”filterKeyEvents”:false,”id”:”key -events-carousel-mobile “}” config=”{“renderingTarget”:”Web”,”darkModeAvailable”:false}”>
important events
Yesterday, DUP leader Sir Geoffrey Donaldson revealed details of the agreement he had secured from the UK government to adjust the Windsor Framework, but his party’s leaders did not condemn the deal. Details will be released only this afternoon.
However, there was little silence from those who left the Conservative Party. During the Brexit negotiations, the DUP and Brexit hardliners were aligned on opposing Prime Minister Theresa May’s plans, but a new deal could limit the extent to which Britain can depart from EU rules. It has been reported that this could cause problems. Tory faction.
Today, i and others argue that Brexiteers may claim that leaving the EU was a betrayal.in their story, Arji Singh and Hugo Ge report:
However, the Conservative Party is said to be concerned about the scope of the review mechanism. telegram It reported that all legislation must be accompanied by a ministerial statement that it will not have a negative impact on the UK’s internal trade.
Even a trade barrier in the Irish Sea would not stop ministers from leaving the EU, but Brexiteers fear it is a major additional hurdle.
This was revealed by a member of the Conservative Party’s European Research Group (ERG). I That is “almost the same” as working with the EU.
Shadow chancellor Rachel Reeves rules out reinstating cap on bankers’ bonuses
good morning. Keir Starmer said: “Explosion-proof” Labor Party’s policy proposal Before an election, its main content consists of identifying proposals that could be criticized by the Daily Mail as left-wing, radical, or anti-aspirational and throwing them in the trash. The latest example of this came to light today.
rachel reevesLabor, the shadow chancellor, has announced that the banker’s rule, which was introduced in 2014 as part of an EU initiative aimed at limiting risk-taking in the financial sector blamed for the 2008 crash, and abolished by the LIZ. He said he had no intention of reinstating the bonus cap. Truss on a minimal budget.
In an interview with the BBC, Reeves said:
Capping bankers’ bonuses was introduced in the aftermath of the global financial crisis and was the right move to rebuild public finances.
But it’s gone now and I have no intention of bringing it back.
And as Chancellor of the Exchequer, I want to be a champion of Britain’s successful and thriving financial services industry.
While the announcement is not a big surprise and will be welcomed in the city, analysts argue that the cap would not have worked anyway, as it would only incentivize banks to pay much higher base salaries instead. ing. But it is another example of the narrowing gap between Labor and the Conservatives over economic policy.
The agenda for the day is:
9:30am: Home Secretary James Cleverley will give evidence to the Home Affairs Committee.
9:30am: Plaid Shimru leader Lun ap Iorworth holds a press conference on independence in Cardiff.
10 am: Former Scottish First Minister Nicola Sturgeon will give evidence to the UK’s coronavirus inquiry in Edinburgh. We’ll talk about that in another live blog.
12pm: Rishi Sunak will take on Keir Starmer at PMQs.
After 12:30pm: Northern Ireland Secretary Chris Heaton-Harris made a statement to the House of Commons about the agreement with the DUP to restore power-sharing.
If you would like to contact me, please try the “Send Message” feature. If you are reading on your laptop or desktop, it will appear just below the signature line, on the left side of your screen. This is for those who want to send messages directly. I find it very helpful to have people point out mistakes (including typos) in messages. No mistake is too small to be fixed. I often find your questions very interesting as well. I can’t promise to reply to everything, but I’ll do my best to reply in the comments section below that line. Privately (if you feel it is appropriate to leave your email address). Or on your main blog if you think it’s a topic of widespread interest.
