At a time when the people of the UK are facing a cost of living crisis we are shocked that the cap on bonuses for bankers is being lifted. We want legislation to be introduced to reinstate this cap.
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Introduced in 2014 when the UK was part of the EU, the cap was designed to curb excessive risk-taking in the financial services industry in the wake of the 2008 financial crash.
The cap limited how much extra variable pay employees of banks, building societies and investment firms could receive: the maximum was twice their basic salary.
Over the last decade banks have compensated for lower bonuses by increasing basic salaries, to make sure they could still compete with other financial