Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the distributional impact on household budgets of his proposal to remove the cap on bankers bonuses made in his oral statement in the House of 23 September by equivalised household income vigintile.

The Government has not made an assessment of the distributional impact of removing the bankers’ bonus cap. The Prudential Regulation Authority and the Financial Conduct Authority have announced their intention to consult on the removal of the cap this Autumn, and as part of that will consider the overarching costs and benefits of the proposals against their statutory objectives.