Workers urged to exercise pay restraint while government tells bankers to ‘let it rip’.

Responding to the news that new chancellor Kwasi Kwarteng is actively considering scrapping the cap on bankers’ bonuses, Unite general secretary, Sharon Graham, said:

“Workers will be appalled and angry at these plans. When millions are struggling to feed their families and keep the lights on, the government’s priority appears to be boosting the telephone number salaries of their friends in the city.

“Britain’s economy is now dominated by rampant profiteering. Removing the cap on bankers’ bonuses will make that worse. Last year Britain’s banks made £45.6 billion of profits. So the Chancellor’s signal to the city is ‘let it rip’ further and further, while the Bank of England lectures workers about pay restraint. You could not make it up.”


Notes to editors

For media enquiries ONLY please contact Unite senior communications officer Barckley Sumner on 07802 329235 or 0203 371 2067.

Email: [email protected]

Unite is the UK and Ireland’s leading union fighting to protect and advance jobs, pay and conditions for members working across all sectors of the economy. The general secretary is Sharon Graham.