Brexit would threaten bankers bonus cap in London

Leaving the European Union could lead to the removal of the cap on bankers’ bonuses, and end hopes of establishing a financial transaction tax on London’s banks, according to a new report by Sian Berry, Green Party Member of the London Assembly.

Banks report coverThe report also suggests the Mayor should be campaigning to remain in the EU so he can work with European partners for a reformed banking sector, rather than following his predecessor in lobbying against European reforms.

Sian says:

“The EU has done more to rein in our casino banks and obscenely overpaid bankers than our own government ever would. If we left the EU you can bet that the Government would quickly remove the caps on excessive pay that Europe has introduced. It would be bad for our financial services, and bad for London.

“I’m also worried about comments Sadiq Khan made in the past year, suggesting he will follow Boris Johnson in lobbying for the banks rather than Londoners. We both think London is better off in the EU, so I hope he will call for a reforming EU that reins the banks in, rather than a muzzled EU in thrall to casino capitalism.”


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