Bank of England Deputy Governor Sam Woods criticized the bankers' bonus cap, stating its removal improved UK competitiveness.
Bank of England Deputy Governor Sam Woods criticized the bankers' bonus cap as detrimental to UK economic growth, asserting its removal has improved competitiveness. He noted that the cap led to higher base salaries that were difficult to adjust during economic downturns. The Prudential Regulation Authority plans to shorten the bonus deferral period from eight to five years for senior managers to attract talent and support growth, aligning with the government's push to reduce regulations.
October 17, 2024
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