LONDON (Reuters) – The British Labour Party’s second most powerful man has warned of a possible ban on financial services companies awarding bonuses under a future Labour government, Saturday’s Financial Times reported.
John McDonnell, Labour’s finance spokesman, said in an interview with the newspaper that he was putting the City of London on notice that it was time to end bonuses voluntarily or face draconian curbs.
City - Lesson - Action - FT
“If it continues and the City hasn’t learnt its lesson, we will take action, I’ll give them that warning now,” he told the FT.
“People are offended by bonuses,” he said, calling them “a reflection of the grotesque levels of inequality”.
Data - FT - Record - Pounds - Bonuses
Citing official data the FT said a record 46.4 billion pounds was paid in bonuses in 2017.
McDonnell said if Labour won power one of his first moves as...
Wake Up To Breaking News!