Truss to Scrap Bankers’ Bonus Cap, Radically Reform Energy Market

Away from the royal coverage, the new No.10 continues whirring away behind the scenes. This morning the Financial Times splashes with a report that Kwasi is planning to scrap the EU-imposed cap on bankers’ bonuses later this month – a move which the government believes will quickly attract more top talent to the City and help boost growth. Executives in EU banks are already worried, with one quoted as saying “If it is changed, it isn’t life and death, but it will make it even harder for us to compete in London and with US banks overall”…

Meanwhile, over at BEIS, Jacob Rees-Mogg is rumoured to be ditching Boris’s Energy Bill, currently in the Lords. According to The i, the Bill is either being paused or scrapped entirely to refocus efforts on reforming the energy market and capping bills. The new reforms will reportedly prioritise decoupling electricity prices from wholesale gas prices, and incentivising the private sector to build capacity. Expect to hear more next week…

There’s also more to come on the future – or lack thereof – of the Bill of Rights and the Online Harms Bill, both of which are reportedly for the chop. Either way, politics isn’t slowing down just because the media glare is elsewhere…

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mdi-account-multiple-outline Jacob Rees-Mogg Liz Truss
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