Brexit rage as Boris turns a blind eye to ‘EU attack on City of London’ | Politics | News

Johnson has been criticized for not abolishing the cap on Bankers’ bonuses, despite the UK now having the freedom to do so. Fraser Nelson, who voted to leave the European Union in 2016, said: “As Chancellor, George Osborne tried to sue the EU to prevent it from imposing a cap on banker bonuses – seeing it as an attack on the City’s power. of London.

“Brexit brings freedom to do away with this cap, but it’s still there.

“Demolishing it may seem a little too much like action.

“Meanwhile, the EU is trying to lure more bankers away from London and pull out of the single market.”

The editor of Spectator added: “David Frost, the Brexit minister, is struggling to hide his frustration at all of this.

He has fought as hard as anyone in government for a clean Brexit deal.

“He is still fighting over the Northern Ireland Protocol, but even seems to be wondering what the fight is for if the Brexit freedoms are never used.”

The cap, introduced by Brussels after the 2008 financial crash, limits bankers’ bonuses to no more than 100 percent of their fixed wages or double that with explicit shareholder approval.

Some in the City argue it is hurting London’s ability to attract the best global talent and needs to be relaxed now that the UK is free from the regulatory shackles of Brussels.

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“He is the leader of this country and must ensure that we take full advantage of our new-found freedoms.”

A third reader, Tim Williamson, added: “Hard to make it happen when there are still people in high positions in government doing their best to avoid divergence between the EU.

“It doesn’t help that we have a bunch of weak ministers and politicians who are unwilling to fight the civil service.”

Nelson also lashed out at the Conservative government’s choice to raise taxes.

He wrote: “[Lord Frost] concluded the Thatcher conference by saying that the recipe for a country’s success is known: regulatory restraint and low taxes.

“He didn’t have to point out that the Tories are raising taxes to their highest point in 71 years.”

The Prime Minister has been widely criticized for raising national insurance contributions by 1.25 percent from April 2022 to help bridge the NHS’s backlog and try to resolve the social care crisis.

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