Another day, another Labour U-turn. This morning it’s the turn of Rachel Reeves, who has done another copy and paste job by following Jeremy Hunt’s lead on lifting the cap on bankers’ bonuses – less than 100 days after her own Treasury team lambasted the move. The Shadow Chancellor told the BBC that she had no plans to reinstate it, despite repeated criticism from key Labour figures including, er, herself. She told the Corporation today that:
The cap on bankers’ bonuses was bought in in the aftermath of the global financial crisis and that was the right thing to do to rebuild the public finances. But that has gone now and we don’t have any intention of bringing that back. And as Chancellor of the Exchequer, I would want to be a champion of a successful and thriving financial services industry in the UK.
The move is all part of Labour’s big push to prove they’re on the side of business.
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