Political suicide? Have they already given up on the Red Wall and so are looking to cement post-next-election job offers? The idea is to persuade big banks to make or keep their HQs here, so that London with unlimited earnings will be more attractive to execs and traders than Frankfurt with an EU bonus cap. Pre-cap, most had (relatively) low salaries with potential big payouts if things went well, swift sacking if not. Post-cap, salaries soared to make up the difference. So the argument is that it actually reduces risk and improves the stability of the system; which many will find about as convincing as the ‘trickle down’ theory, that they’ll spend their loot on stuff which will employ those who earn in a year what they earn in a week. And forgets the huge risks that were taken to earn those bonuses, risks which eventually crashed the whole financial system. The risk for Kwasi and Liz, I guess, is that we won’t all have forgotten about it come October 2024.
“The true impact of inflation on cash savings and pensions”
Leaving your money in the bank or building society has always meant that its ‘real value’ after inflation will go down. Although rates go up to, supposedly, control inflation, any chart you look at will show that, apart from a few very short-term blips (N Lamont, I’m looking at you) they are never more than inflation.
