City bankers have finally found reason to celebrate Brexit.
Capped for almost a decade by Brussels, their bonuses will once again be able to soar.
The new British Finance Minister Kwasi Kwarteng announced on Friday the removal of the cap on these variable remuneration, put in place by the European Union in 2014 in response to the financial crisis.
To put an end to certain excesses in vogue in the 2000s, which had led to the worst crisis since 1929, Brussels stipulates that the bonus cannot be twice the fixed annual salary of bankers.
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The abolition by London of this ceiling was expected the day after the exit from the European Union.
It aims in particular to reassure the financial sector which was not in favor of Brexit.
“We need international banks to create jobs here and pay taxes here in London, not in Paris, Frankfurt or New York”
, explained the Chancellor of the Exchequer, unveiling a series of budgetary measures, the cost of which has not been fully specified.
These combine massive aid for energy bills in the midst of a crisis in the cost of living and tax cuts targeting the wealthiest.
Displaying themselves as heralds of post-Brexit deregulation, Prime Minister Liz Truss and Kwasi Kwarteng have thus promised a reduction in the maximum income tax bracket.
Another measure from which City bankers will be able to benefit, at least if they get a bonus…
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