Tory toff Jacob Rees-Mogg has said his banking friends in the City are not finding it “too difficult to jog along” despite inflation hitting a high of 9.1 per cent adding to the cost of living pain facing millions of Scots.
The Brexit minister made the boast as he pledged to hack away at swathes of laws and regulations from the European Union.
After he unveiled plans for an onlineBrexit dashboard of EU laws he had repealed, Rees-Mogg was asked by asked by journalists about the impact of the EU cap on City bonuses.
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The Brexit opportunities minister insisted: “The City of London has to be competitive. It has to be open to the greatest global talent.
“It is one of the most important parts of our economy.”
He added: “But having said that I’m not sure the bonus cap has actually had that much effect.
“I’m not sure that my friends in the City are finding it too difficult to jog along at the moment.”
Rees-Mogg’s own net worth is thought to be “well over £100 million”, according to Spear’s Wealth Management in 2019.
City bonuses have reached the pre-2008 crisis levels as boardrooms reward themselves for increased profits.
He made a large part of his money through a career in finance, starting trading in shares when he was a 12-year-old.
Tory plans to ease the controls on City bosses pay led to angry exchanges at Prime Minister’s Questions.
Labour leader Keir Starmer accused Boris Johnson of focusing on increasing bankers’ pay rather than “those who are running the country”.
The Labour leader said: “Pay rises for City bankers, pay cuts for district nurses - that’s the new approach.”
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