The decision to abandon the bonus cap was made by the short-lived Liz Truss government before turmoil on the financial markets forced her chancellor Mr Kwarteng to step down, followed by the prime minister herself.
Rachel Reeves, shadow chancellor and a former Bank of England official, told the BBC that she had no plans to reinstate it despite criticism from the likes of the umbrella body for the UK’s trade unions at the time.
Ms Reeves said Labour’s policies would also include closer ties with the EU, expanding finance centres outside London, streamlining regulation and boosting pension investment in UK companies and green technologies.
But in an election year, it’s a deliberate shift to demonstrate Labour has changed from 2019 when Jeremy Corbyn and John McDonnell supported the nationalisation of some industries and described City bankers as overpaid “speculators”.
That pledge has been watered down by shadow business secretary Jonathan Reynolds to “an ambition” and Ms Reeves has said Labour’s spending plans would have to adjust to the situation it would inherit if it wins.
The Conservative Party has dropped heavy hints it will use any spare money in the public kitty to cut taxes - something Ms Reeves has described as a “scorched earth” approach.
The original article contains 757 words, the summary contains 206 words. Saved 73%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The decision to abandon the bonus cap was made by the short-lived Liz Truss government before turmoil on the financial markets forced her chancellor Mr Kwarteng to step down, followed by the prime minister herself.
Rachel Reeves, shadow chancellor and a former Bank of England official, told the BBC that she had no plans to reinstate it despite criticism from the likes of the umbrella body for the UK’s trade unions at the time.
Ms Reeves said Labour’s policies would also include closer ties with the EU, expanding finance centres outside London, streamlining regulation and boosting pension investment in UK companies and green technologies.
But in an election year, it’s a deliberate shift to demonstrate Labour has changed from 2019 when Jeremy Corbyn and John McDonnell supported the nationalisation of some industries and described City bankers as overpaid “speculators”.
That pledge has been watered down by shadow business secretary Jonathan Reynolds to “an ambition” and Ms Reeves has said Labour’s spending plans would have to adjust to the situation it would inherit if it wins.
The Conservative Party has dropped heavy hints it will use any spare money in the public kitty to cut taxes - something Ms Reeves has described as a “scorched earth” approach.
The original article contains 757 words, the summary contains 206 words. Saved 73%. I’m a bot and I’m open source!