Tories fuelling 'greed is good' with lift of cap on bankers' bonuses, says TUC

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The Trades Union Congress has accused the Tory government of promoting a 'greed is good' culture among bankers, who it said would be able to 'cash in on unlimited bonuses' after a cap on payouts was lifted on Tuesday.

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31 Oct 2023

The Trades Union Congress has accused the Tory government of promoting a “greed is good” culture among bankers, who it said would be able to “cash in on unlimited bonuses” after a cap on payouts was lifted on Tuesday.

The TUC said that while ministers had repeatedly called for pay restraint for most workers, they had been “silent over excess in the City”.

The banker bonus cap was introduced in 2014 to curb risk-taking in the wake of the global financial crisis. Efforts to remove it were first taken by Liz Truss’s short-lived government in September 2022 to boost investment in the City and scrap EU rules after Brexit.

The proposals were later supported by Rishi Sunak’s government when he took office last October. The Bank of England and Financial Conduct Authority (FCA) formally announced the decision to lift the cap last week,