Posted 1/31/2024, 12:28:00 PM
Labour will not reintroduce bankers' bonus cap, pledges shadow chancellor
- Labour will not reinstate cap on bankers' bonuses if elected, says shadow chancellor Rachel Reeves
- Reeves wants to be "champion" of thriving financial services industry
- Cap was introduced by EU in 2014 to prevent excessive risk-taking after 2008 crisis
- Tories removed cap in 2022 under Kwasi Kwarteng's mini-budget
- Decision criticised for rewarding bankers amid cost of living crisis, but kept by Sunak