Politics Joe
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Why we must cap bankers' bonuses
Posted
February 1, 2024
Views
43,500
Likes
901
Comments
358
Engagement
2.89%
February 1, 2024
43,500
901
358
2.89%
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13:51Now PlayingThe Labour Party has come under fire after Shadow Chancellor Rachel Reeves announced it had no intention of changing Liz Truss and Kwasi Kwarteng’s scrapping of bankers’ bonuses.
It comes the same week as the party positions itself as “the new party of business”.
The cap on bankers' bonuses was first introduced in the wake of the 2008 financial crisis to limit annual payouts to bankers.
The objective of this was to make the financial system safer by reducing the kind of excessive risk taking that led to the Global Financial Crisis of 2008
So, what’s the reasoning behind it?
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