Martin Vander Weyer Martin Vander Weyer

Europe’s cap on bankers’ pay is merely a harbinger of the Great Persecution to come

‘Possibly the most deluded measure to come from Europe since Diocletian tried to fix the price of groceries across the Roman Empire,’ was Boris Johnson’s assessment of the proposal to cap bankers’ bonuses at 100 per cent of base salary, or 200 per cent with shareholders’ approval. This blunt exercise in market interference was tabled by a committee of MEPs led by a British Lib Dem, Sharon Bowles (perhaps in revenge for the fact that she didn’t win the Bank of England governorship, for which she applied) as a condition of agreeing a new set of bank capital reforms.

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