Should bankers get unlimited bonuses?
The News Agents
Global
4.1 • 5.4K Ratings
🗓️ 15 September 2022
⏱️ 32 minutes
🧾️ Download transcript
Summary
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The Newsagents podcast is brought to you by HSBC UK, opening up a world of opportunity. |
| 0:09.6 | This is a global player original podcast. |
| 0:13.3 | Next week, after the funeral, Britain will get back to normal. |
| 0:18.1 | Talking about energy bills, windfall taxes, potential tax cuts, and there is a |
| 0:23.5 | new thing to discuss, because it seems the government wants to lift the cap on bankers' bonuses |
| 0:31.2 | so there is no limit to how much bankers can earn, and that is a benefit of Brexit. |
| 0:39.7 | Yeah, the rumour is that the Chancellor Quasi Quoting is seeking to end that cap. |
| 0:45.1 | It was introduced after the 2008 financial crash in an attempt to boost the City of London's global competitiveness. |
| 0:52.6 | It's being dubbed Big Bang 2.0. And I'm imagining there |
| 0:56.3 | aren't that many of you sitting at home right now thinking, yes, the way out of this economic crisis |
| 1:03.1 | is to allow bankers in the City of London to earn more money. But it might not be as simple as that. |
| 1:12.2 | We're going to explore what it means politically. |
| 1:14.9 | We're going to explore why they're talking about it. |
| 1:17.6 | And we're going to explore whether there might be any economic gain in doing this that we haven't seen. |
| 1:24.2 | Welcome to the newsagents. |
| 1:33.7 | The Newsagents. This is John. This is Emily. And this is Lewis. We're all in Newsagents HQ. We're going to start with a view that I'm not sure many |
| 1:40.1 | of you will warm to, but some of you might. This is Hugh Hendry. He's a financier, a maverick. |
| 1:45.9 | He ran a hedge fund called Ecclectica. And he wears a cap that says acid capitalist. |
| 1:52.0 | And he made a lot of money after the financial crash. |
| 1:55.0 | I don't believe anyone should have caps on their bonuses. I don't believe bankers should have caps on their bonuses. |
| 2:03.3 | I also take an interpretation of, I think, called Gresham's Law, which is that bad money |
| 2:08.4 | drives out good money. And in this instance, I fear that bad policy drives out good public policy. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Global, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Global and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.

