London’s Brexit powerhouse unleashed by Rishi Sunak to oust the EU | Politics | information

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Rishi Sunak is expected to be investigating the lifting of restrictions on bank bonuses. According to EU regulations, the bonuses cannot exceed twice the annual salary. The laws were introduced by Brussels in 2014 as part of reforms following the financial crisis.

The restrictions were rejected by the then British government, but enforced against their will.

Chancellor Rishi Sunak, now freed from Brussels, is believed to be considering abandoning the requirements in order to make Britain more competitive on the world stage.

Mr Sunak has vowed to use Brexit as an opportunity to unleash the potential of the City of London.

In his speech to UK business leaders at the Mansion House last month, the Chancellor set out a “roadmap” to deliver on his promise.

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He said he wanted to make the UK financial sector the “most trustworthy and competitive place to do business”.

It is believed that the abolition of the requirements will make London more attractive to senior bankers than Frankfurt, Paris or Dublin.

The move would be a masterpiece by the Chancellor, who seeks to strengthen London as an international financial center while the EU tries to steal business from Britain.

Brussels has so far refused to grant the United Kingdom so-called equivalence status in a number of areas.

Equivalence would mean that the bloc would recognize UK financial regulations as similar enough for businesses to trade across borders.

Earlier this year he warned that Britain would become a “rule taker” from Brussels.

They misunderstood that plans to tear up the rules on bankers’ bonuses are still in their infancy.

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A Treasury spokeswoman said: “The Chancellor has set out his vision for an open, dynamic and competitive financial services sector and we have published a roadmap to achieve this by deepening our global relationships, leveraging technology and improving our regulatory system. “