Quid pro quo time
The Chancellor is all set to lift the limit on bankers’ bonuses, what could possibly go wrong?
It’s not like extreme risk taking and the pursuit of ever larger bonuses nearly destroyed the West’s economic system or anything.
The Chancellor’s rationale is that this move, along with more deregulation, will make the City a far more attractive place for international financiers to do business.
He’s right, it will. Every spiv, dodgy dealer, speculator and market rigger will be on the next flight to Heathrow. Some decent and honest bankers will come as well but making yourself the least regulated and best paying financial centre comes with risks.
Risks that taxpayers know to their cost end up being underwritten by their taxes.
Luckily the Chancellor has a cunning plan to justify limitless money for the men in suits, he will say it is balanced by the government’s help with fuel bills.
Hundreds of billions of borrowed money to help the poorest is not a quid pro quo for billions in bankers bonuses and never will be.
It is nothing more than a cynical attempt to connect the two.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.