2022 mini-budget discussion

Harlequin · 15 Sep 2022 at 10:28

Kwasi Kwarteng seeks to scrap bankers’ bonus cap to boost City of London

Move to drop EU-era law highly contentious but chancellor argues it will aid economy

www.ft.com

Kwasi Kwarteng seeks to scrap bankers’ bonus cap to boost City of London

All in this together...........

edit:

Chancellor wants to scrap bankers’ bonus cap to boost City of London

Boris Johnson backed away from move, fearing political backlash – but Kwasi Kwarteng has put it back on agenda

www.independent.co.uk

None subscriber source

Rilot · 15 Sep 2022 at 10:57

Excellent. Looking forward to the next financial crash caused by excessive risk taking.

Azza · 15 Sep 2022 at 11:07

That's the Brexit dividend for all those living in the Midlands and North that voted for Brexit.

doodah · 15 Sep 2022 at 11:15

A >£100bn bung to energy companies/extractors and scrapping banker's bonuses - this is what they have decided to spend political capital and resources on within the first week.

There is no pretense any more - milk it more until it all goes belly up.

Truss claimed not long ago, she could avoid a recession. And then when we don't reach 2.5% GDP growth and the economy tanks even more leading up the GE - it will be everyone else's fault bar their own.

Ayahuasca · 15 Sep 2022 at 11:16

Kwasi is untouchable, the real OG!

moon man · 15 Sep 2022 at 11:18

Maybe it will be worth it if they make "The big short ", the sequel

MooMoo444 · 15 Sep 2022 at 11:22

Just what the country needed, A++

delta0 · 15 Sep 2022 at 11:23

Kwasi is probably eyeing up more tax revenues from them. The UK needs to be a lot more competitive in a lot industries we are really lagging behind!

Harlequin · 15 Sep 2022 at 11:31

delta0 said:
Kwasi is probably eyeing up more tax revenues from them. The UK needs to be a lot more competitive in a lot industries we are really lagging behind!

How you get tax revenues from individuals, registered as companies (in the cayman islands) who only receive dividends and not wages (or paye)?

Hades · 15 Sep 2022 at 11:41

Harlequin said:
How you get tax revenues from individuals, registered as companies (in the cayman islands) who only receive dividends and not wages (or paye)?

Most of these bankers will be PAYE for their bonuses.

Freddie1980 · 15 Sep 2022 at 11:46

Extra tax revenues? Companies should be able to pay whatever they want to their employees but they shouldn't be bailed out with tax payers money if their businesses collapses like a house of cards.

Harlequin · 15 Sep 2022 at 11:52

Freddie1980 said:
Extra tax revenues? Companies should be able to pay whatever they want to their employees but they shouldn't be bailed out with tax payers money if their businesses collapses like a house of cards.

30% of Congress wanted to do that in 2008 with Lehman Brothers - even after it was explained that the collapse of a company with $2 Trillion in debt would crash the economy.

PlacidCasual · 15 Sep 2022 at 11:55

Whilst we might disagree about the methods at least we have a Chancellor and PM that seem to be genuinely interested in improving the UK's productivity. I can't remember the last time that was a genuine Government priority we seem to have spent most of the last 30 years virtue signalling first and governing second.

cu3ed · 15 Sep 2022 at 11:56

PlacidCasual said:
Whilst we might disagree about the methods at least we have a Chancellor and PM that seem to be genuinely interested in improving the UK's productivity. I can't remember the last time that was a genuine Government priority we seem to have spent most of the last 30 years virtue signalling first and governing second.

Bailout isnt so bad. Sheer total lack of anyone going to jail and any consequences etc is another thing with zero reform.

Efour · 15 Sep 2022 at 11:59

You pay the best you attract the best.

Shame a lot of banks would pay a bonus regardless of performance.

Harlequin · 15 Sep 2022 at 12:02

PlacidCasual said:
Whilst we might disagree about the methods at least we have a Chancellor and PM that seem to be genuinely interested in improving the UK's productivity. I can't remember the last time that was a genuine Government priority we seem to have spent most of the last 30 years virtue signalling first and governing second.

How does throwing taxpayers cash to companies profit margins, help with productivity?

PlacidCasual · 15 Sep 2022 at 12:05

Harlequin said:
How does throwing taxpayers cash to companies profit margins, help with productivity?

I don't know, you'll have to be more specific.

delta0 · 15 Sep 2022 at 12:28

Harlequin said:
How you get tax revenues from individuals, registered as companies (in the cayman islands) who only receive dividends and not wages (or paye)?

Then the cap won’t apply to someone doing that. HMRC are pretty savvy to these things. I know quite a few bankers and none do this.

dirtychinchilla · 15 Sep 2022 at 12:35

Conservatives gonna conservative

Stu999 · 15 Sep 2022 at 12:39

Terrible cronyism. Maybe the Conservatives know they're toast so they're just going to make it obvious that they're lining their mates' pockets? Gotta line up being offered some board positions when you leave politics.