UK regulators have given their approval on Tuesday to scrap the cap on bonuses for investment bankers.
![London's Canary Wharf: A New Era for UK Investment Banks as Bonus Cap Scrapped. PHOTO: Damian.Lor/Shutterstock](https://krugmaninsights.com/wp-content/uploads/2023/10/https___s3-eu-west-1.amazonaws.com_ic-ez-prod_ez_images_5_0_2_6_5656205-1-eng-GB_CanaryWharkSkylineBanks2-1024x650.webp)
The cap was proposed by the government in 2020, under Liz Truss, limiting bonuses to twice a banker’s base salary.
The Prudential Regulation Authority (PRA) announced that the cap will be lifted on October 31st,