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London First’s comment on the proposed EU bankers’ pay rules change

Commenting on the proposed EU bankers’ pay rules change, Baroness Jo Valentine says:

“The EU’s decision to cap bankers’ pay will be welcomed by its competitors such as New York and Singapore. As London is the EU’s only global financial hub, the UK will be disproportionally hit. “The real losers will be the UK’s citizens and our already-stretched public services. Bankers’ bonuses have always provided a massive windfall for the taxman. With the UK struggling to return to growth and austerity measures set to continue, further reduing the profitability and tax contribution of the City will only make things worse.”

For further details, please contact Fran Edwards, Media Relations Manager at London First at fedwards@londonfirst.co.uk on 0207 665 1427

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