Bonus freedom to pay paltry 'Brexit dividend' for Britain's banks
UK banks may be allowed to award bigger bonuses from January, but many top bankers are reluctant to trade fixed salaries for uncertain rewards, potentially undermining Britain's attempt to attract more financial industry talent. The removal of the bonus cap is part of the UK's post-Brexit plan to ease regulations and compete with other global financial centers. However, the focus on bonuses is seen as politically toxic and could face opposition amid a cost of living crisis and public-sector labor disputes. Additionally, it remains uncertain whether EU banks based in the UK would still be subject to the bonus cap, potentially impacting London's access to the EU financial sector.