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British finance minister Kwasi Kwarteng is seeking to scrap Britain’s cap on bankers’ bonuses, the Financial Times reported on Wednesday.
Kwarteng argues the move would make London a more attractive destination for top global talent, the newspaper reported citing his colleagues.
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Although no final decisions have been taken, people familiar with Kwarteng’s thinking said he wanted to scrap the cap, introduced by EU legislation in 2014, as part of a package of City reforms, the report added. (Reporting by Rhea Binoy in Bengaluru; Editing by Lisa Shumaker)
