LONDON, Dec 19 (Reuters) – The Financial institution of England mentioned on Monday it was beginning a session on authorities plans, which it helps, to scrap a cap on how excessive monetary sector bonuses could be as a share of fundamental pay.
“The proposed adjustments ought to … assist take away unintended penalties which have arisen on account of the bonus cap, specifically development within the proportion of the fastened element of whole remuneration, which reduces companies’ capability to regulate prices to soak up losses in a downturn,” it mentioned.
(This story has been corrected so as to add the dropped phrase ‘cap’ within the headline)
Reporting by David Milliken; modifying by James Davey
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