Dominic Raab dismisses EU threat to City of London
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Mr Johnson has been criticised for his failure to abolish the cap on Banker’s 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 stop it imposing a cap on bankers’ bonuses – seeing it as an attack on the City of London’s power.
“Brexit brings freedom to abolish this cap, but it’s still there.
“Scrapping it might look a bit too much like action.
“Meanwhile, the EU tries to lure more bankers away from London and into its single market.”
The Spectator editor added: “David Frost, the Brexit minister, is struggling to hide his frustration with all this.
“He has fought as hard as anyone in government for a clean Brexit deal.
“He fights still, over the Northern Ireland Protocol, but even seems to be wondering what the fighting is for if the Brexit freedoms are never going to be used.”
The cap, which was introduced by Brussels after the 2008 financial crash, sees bankers’ bonuses limited to no more than 100 percent of their fixed pay or double that with explicit shareholder approval.
Some in the City claim it hurts London’s ability to attract the best global talent and that it should be eased now the UK is free of Brussels’ regulatory shackles.
According to City AM, Treasury sources have said the measure is not even being discussed by chancellor Rishi Sunak and that it will not be scrapped any time soon.
Readers of Mr Nelson’s article in The Telegraph also piled onto the Government, with one saying that the Prime Minister has “squandered” the opportunities offered by Brexit.
Russell David wrote: “Johnson has squandered Brexit just as he has squandered his 80-seat majority (and arguably the vaccine rollout).”
Meanwhile, Edward Fitzgerald said: “The PM has lost the plot.
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“He’s the leader of this country and should ensure we take full advantage of our new found freedoms.”
A third reader, Tim Williamson, added: “Difficult to bring it about when there are still people in high office at the civil service doing their best to avoid EU divergence.
“It doesn’t help that we have a bunch of weak ministers and politicians unwilling to take the fight to the civil service.”
Mr Nelson also hit out at the Conservative Government’s choice to raise taxes.
He wrote: “[Lord Frost] closed the Thatcher conference by saying that the recipe for a country’s success is well-known: regulatory restraint and low taxes.
“He didn’t need to point out that the Tories are lifting taxes to a 71-year high.”
The Prime Minister has been widely criticised for raising National Insurance contributions by 1.25 per cent from April 2022 in order to tackle the NHS backlog and attempt to fix the crisis in social care.
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