In a controversial move to boost the City of London’s global competitiveness, UK chancellor Kwasi Kwarteng is seeking to scrap Britain’s cap on bankers’ bonuses, introduced after the 2008 financial crash.⁠ ⁠ Kwarteng argues the move would make London a more attractive destination for top global talent and would be a clear signal of his new “Big Bang 2.0” approach to post-Brexit City regulation, according to colleagues. ⁠ ⁠ The UK has long opposed the EU bonus cap, which limits year-end payouts to twice a banker’s salary. For example, if a bank wanted to pay someone £3mn in London, it would need to pay that person a salary of at least £1mn.⁠ ⁠ Although no final decisions have been taken, people close to the chancellor’s thinking said he wanted to scrap the cap, introduced by EU legislation in 2014, as part of a package of City reforms. ⁠ ⁠ 📷️: Adrian Dennis/AFP/Getty Images⁠ ⁠ #FT #financialtimes #London #cityoflondon #finance #banker #costofliving #financesector #kwarsikwarteng #financedistrict #brexit #trade #postbrexit #eu #uk⁠ ⁠