LABOUR won't bring back a cap on bankers' bonuses if it wins the General Election.
Rules limiting payouts to twice their annual salary were introduced by the EU in 2014 to avoid a repeat of the 2008 financial crash.
Former Prime Minister Liz Truss and Chancellor Kwasi Kwarteng ended the ban in 2022.
Shadow chancellor Rachel Reeves said she won't reinstate the rule, despite questioning its removal in October. She told the BBC: "We don't have any intention of bringing that back... I would want to be a champion of a successful and thriving financial services industry in the UK."
But Mick McAteer, from the Financial Inclusion Centre, said: "The City finance lobbies are very vocal at promoting the benefits of the sector. The City doesn't need another champion in Labour."

Labour in cap U-turn

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.