November 2nd, 2023, Christien Pheby
Just over a year ago, the 2022 mini-budget tanked the frontline political careers of Liz Truss and Kwasi Kwarteng – and saw most of its measures reversed by Kwarteng’s successor as Chancellor, Jeremy Hunt. One policy that survived was abolishing the cap on bankers’ bonuses: from 31 October, EU rules that restrict these payments to double a banker’s annual salary will be lifted in the UK.
New YouGov Daily polling shows that it’s an unpopular decision with the public. Over three in five Britons (63%) oppose removing the cap, while just one in five (20%) support it.
What’s more, the move to lift the limit on bonuses – implemented in the aftermath of the 2008 financial crisis – is largely unpopular with Britons who voted for both major political parties at the 2019 election. Labour voters are more likely to oppose removing the cap: three-quarters of people who voted for the party believe it was wrong to abolish the limit on bankers’ bonuses (73% oppose; 16% support). Support among 2019 Conservative voters is higher, but a majority still think removing the cap is the wrong call (61% oppose; 25% support).
What effect – if any – this has on the popularity of the banking industry remains to be seen. Our most recent tracker data suggests that 25% of Britons have a favourable opinion of the sector, compared to 36% who have an unfavourable opinion.
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