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Bank charges: Former chancellor speaks against banker bonus cap

Former chancellor Norman Lamont has said that if a banker bonus cap is imposed it would make it more likely that Britain would leave the European Union (EU).

Writing for the Telegraph, he said that if restrictions are placed on the amount of money that bankers can earn then this would see them moving out of Britain.

Disagreements between nations about imposing a cap on banker bonuses have caused the European Parliament to stall in its decision on the matter.

Initially it was suggested that banker bonuses should not exceed salary but this was opposed by Britain.

France and Germany, among many other states in the EU, are in support of imposing a cap on banker bonuses as they feel that it would deter bankers from taking risks such as those that went towards the financial crisis.

The EU has been looking for ways to standardise the regulation of banks, under the recommendations from Basel III, in order to prevent a future financial crisis from happening.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.


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