PM TRUSS is determined to remove a cap on bankers’ bonuses as part of a post-Brexit shake-up of City rules, to really get the City going!
The fact that the bankers will be making billions while everybody else fears hunger and poverty are of no concern to the Tory Party.
City bosses have long complained about the EU-wide bonus rules which cap bonuses at twice an employee’s salary.
They say they lead to higher base pay that pushes up banks’ fixed costs.
Those costs cannot be adjusted in line with the firm’s financial performance, they add, making the UK less attractive than the US or Asia.
In fact, uncapped bonuses lead to massive greed, taking massive risks of the kind that spawned the financial crash of 2008, and will create an even bigger crash today.
It is recognised that taking the lid off bankers’ pay at a time when many households are facing real and increasing hardship from the rising cost of living will undoubtedly provoke outrage and anger amongst millions of workers. However capitalism is the survival of the fittest.
Even some bankers are queasy. The proposal ‘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’, Andrew Sentance, a former member of the Bank of England’s Monetary Policy Committee, told the BBC.
‘To appear to allow bankers to have 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.’
In fact the measure will be taken at the same time as the government is bringing in new anti-union laws that will legalise and encourage organised strike-breaking, to try and turn the UK into a bosses’ paradise.
The attitude of the Tories is that, if making Britain profitable requires unlimited bonuses for bankers and harsh anti-union laws and jailing strikers, the sooner that the issue is pushed through the better, no matter what workers’ responses will be.
