Bonkers to focus on bankers’ bonuses

Embarrassing from the FT

Shocking editorial today from the FT.

Does the FT actually think the bankers bonus cap is a pressing problem in the City? 

I would classify myself as a banker, and I don’t hear anyone in the City complaining about it, when they realise the UK faces more pressing problems like the energy and cost of living crisis, crisis in the NHS, the war in Ukraine where Putin is actually threatening our very system of government, and the disaster which is Brexit.

https://www.ft.com/content/bbce8bda-2949-4ce6-abd3-3fac1bd499de

Investors are not coming to the UK, not because of the bankers bonus cap, but because of Brexit and the message that immigrants are not welcome in the UK, and the shambles which is the UK govt at present.

I mean can someone please tell me why on hell did the BOE decide to delay its MPC meeting for a week out of respect to QE2. I mean all respect to QE2, but we face an economic crisis of gargantuan proportions and economic decisions need to be take now. We all had to wait months for any decisions to be taken while the Tories had their internal scrap over the leadership, then on top of that have to wait for the BOE to get over their grieving. I mean seriously, WTF, it is like a sketch from Monty Python. The Queen was all about getting on with the job, and that’s what the BOE should have done, and focus on bankers pay just actually suggests that our leaders have no clue what the real problems are. The real problems are Brexit, and a new almost Cult of Personality where all the real problems with Brexit are just swept under the carpet.

And actually if there is a talent problem in the City, which Kwarteng or the FT thinks they can solve by paying well paid bankers more or cutting taxes, how about thinking outside the box and actually investing in U.K. education, housing and transport so that British kids have the skills and incentives to apply for City jobs - that would help calm the grass roots support for Brexit and help “level up”. Ask yourself whenever I looked to hire in the City, typically 90% of applicant CVS were from overseas candidates. Just think of that, well paid City jobs which are not rocket science. But which British kids don’t seem qualified to apply for.

This should have been the FT editorial not wasted space seemingly pandering to the Tory government.