Banks in Britain may be free to award even bigger bonuses from January but new pay perks are unlikely to help the country's financial industry outshine its rivals because top bankers are wary of swapping handsome fixed salaries for uncertain rewards.
Scrapping the near decade-old cap on bonuses is a core plank of Britain's post-Brexit easing of rules the European Union adopted to stop excessive risk-taking after taxpayers had to bail out banks in the global financial crisis.on the proposal to remove curbs on bonuses is due in coming weeks. It would apply to payouts earned over 2024, though bringing forward the start to cover bonuses for 2023 is an option.
"Removing the cap isn't going to attract more top bankers to the UK because their pay will be more uncertain," Luke Hildyard, director at the High Pay Centre think tank, told Reuters., more than 70% of EU-based bankers earning over 1 million euros and subject to the bonus cap, were based in Britain before it left the bloc in 2020.
"We have a cost of living crisis, high inflation, industrial action by the public sector unseen since the 70s ... any announcement of sudden changes to a bank's bonus structure will likely prove controversial." UK Finance, the industry body for banks in Britain, did not respond to the public consultation, leaving individual members to comment if they wanted to.
"That said, it is possible that this consent may be more than forthcoming against a backdrop of significant redundancies at the banks in the first part of 2023, coupled with bank collapses and mergers," Horne said.
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