The John Lewis Partnership slumped to a first half loss of £99m driven by soaring inflation, as the department store group warned a “uniquely uncertain” outlook in the run-up to Christmas would put the staff annual bonus at risk this year, reports my colleague Mark Sweney.
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The group, which is staff-owned and includes the Waitrose supermarket chain, made a profit of £69m in the same period of the six months to 30 July last year. Sharon White, the partnership’s chair, said:
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No one could have predicted the scale of the cost of living crisis that has materialised, with energy prices and inflation rising ahead of anyone’s expectations.
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As a business, we have faced unprecedented cost inflation across grocery and general merchandise.
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JLP warned the outlook for the rest of the year was “uniquely uncertain” owing to the cost of living crisis and its impact on discretionary spending, particularly on its key Christmas trading period.
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White warned that the business, which is “heavily skewed” toward the so-called golden final quarter in the run up to Christmas, will need to substantially outperform in the second half of its financial year for staff to receive an annual bonus. She said:
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A successful Christmas is key for the business given the first half. We will need a substantial strengthening of performance, beyond what we usually achieve in the second half, to generate sufficient profit to share a partnership bonus with Partners. Much will depend on the wider economic outlook and consumer sentiment.
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BST”,”blockLastUpdated”:1663231073000,”blockLastUpdatedDisplay”:”09.37 BST”,”blockFirstPublished”:1663230963000,”blockFirstPublishedDisplay”:”09.36 BST”,”blockFirstPublishedDisplayNoTimezone”:”09.36″,”title”:”John Lewis slumps to £99m loss”,”contributors”:[{“name”:”Mark Sweney”,”imageUrl”:”https://i.guim.co.uk/img/static/sys-images/Guardian/Pix/pictures/2007/10/16/mark_sweney_140x140.jpg?width=300&quality=85&auto=format&fit=max&s=b44cb1e0f0dc4a472ded53e6488ba934″}],”primaryDateLine”:”Thu 15 Sep 2022 09.37 BST”,”secondaryDateLine”:”First published on Thu 15 Sep 2022 08.01 BST”},{“id”:”6322ce598f0892ec9e8ce38d”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
We’re not seeing a lot of movement from European stocks this morning, which are mixed but relatively flat.
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Here’s how major indexes are starting the Thursday trading session:
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FTSE 100 is up 0.2%
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French CAC 40 is down 0.1%
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German DAX is up 0.2%
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Spain’s IBEX is flat
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Pan-European Stoxx 600 is up 0.1%
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“,”elementId”:”e1485b0b-73eb-42d4-a395-09b8b0bd4646″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1663225433000,”blockCreatedOnDisplay”:”08.03 BST”,”blockLastUpdated”:1663225636000,”blockLastUpdatedDisplay”:”08.07 BST”,”blockFirstPublished”:1663225636000,”blockFirstPublishedDisplay”:”08.07 BST”,”blockFirstPublishedDisplayNoTimezone”:”08.07″,”title”:”Relatively flat open for European markets”,”contributors”:[],”primaryDateLine”:”Thu 15 Sep 2022 09.37 BST”,”secondaryDateLine”:”First published on Thu 15 Sep 2022 08.01 BST”},{“id”:”6322c04e8f0892ec9e8ce32c”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.
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Banker pay is back in the spotlight this morning after reports emerged that Chancellor Kwasi Kwarteng is considering lifting a bonus cap as part of the government’s wide-ranging post-Brexit reforms.
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The cap was part of the EU’s reaction to the 2008 financial crisis, and means that year-end bonuses are currently limited to two times their annual salary.
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But those EU rules are now likely to be repealed eight years after their introduction. The Financial Times, which first reported the news, said the controversial move was part of the government’s plans to boost the City’s global competitiveness and make the UK a more attractive place for banks to do business.
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Remember that the government is also planning to controversially re-introduce “competitiveness” as a secondary objective for UK regulators through the Financial Services and Markets Bill, which is about to head to committee. Though economists and ex-politicians have warned it is an inappropriate throw-back to pre-crisis conditions. Critics are likely to make the same argument about lifting the bonus cap.
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It all seems to be part of the government’s wider strategy to put growth at the centre of all decision making, and generally lure more business, stock market listings and start-ups to London.
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But lifting the cap could prove widely controversial at a time when households are struggling to make ends meet amid the cost of living crisis, even with the government’s £150bn support package for energy bills on the horizon.
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We’ll bring you more debate and analysis as we get it.
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The agenda
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1.30pm BST: US retail sales for August
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2:15pm BST: US industrial production for August
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“,”elementId”:”18bea107-94c3-44e2-bc80-8b69cdf5cadb”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1663225293000,”blockCreatedOnDisplay”:”08.01 BST”,”blockLastUpdated”:1663224909000,”blockLastUpdatedDisplay”:”07.55 BST”,”blockFirstPublished”:1663225293000,”blockFirstPublishedDisplay”:”08.01 BST”,”blockFirstPublishedDisplayNoTimezone”:”08.01″,”title”:”Introduction: Banker bonus cap on the chopping block”,”contributors”:[],”primaryDateLine”:”Thu 15 Sep 2022 09.37 BST”,”secondaryDateLine”:”First published on Thu 15 Sep 2022 08.01 BST”},{“id”:”6322cca48f0894b39b47f58a”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Shell has appointed Wael Sawan, a 25-year company veteran , as successor to Ben van Beurden, the company’s long standing chief standing chief executive.
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Sawan will replace Ben van Beurden, Shell’s boss for almost a decade, who will be stepping down at the end of this year. Reports of Van Beurden’s planned departure emerged earlier this month, and Sawan was considered frontrunner to take the top job.
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As Shell’s current head of integrated gas and renewables division, Sawan oversees its push into into low-carbon energies as well as its giant gas business.
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Sawan, born in Beirut with dual Lebanese and Canadian nationality, will officially take over as chief executive from 1 January at which point he will also join Shell’s board.
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The 64-year-old Van Beurden, who has worked at Shell for almost four decades, will continue to work in an advisory role to the board until the end of June.
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CEO van Beurden will be replaced by Wael Sawan.”,”caption”:”Shell CEO van Beurden will be replaced by Wael Sawan.”,”credit”:”Photograph: Benoît 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Shell chairman Sir Andrew Mackenzie said:
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Ben can look back with great pride on an extraordinary 39-year Shell career, culminating in nine years as an exceptional chief executive.
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He leaves a financially strong and profitable company with a robust balance sheet, very strong cash generation capability and a compelling set of options for growth.
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Read more here:
“,”elementId”:”e8c94379-2272-4d4d-87a4-57c1869ca916″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2022/sep/15/shell-appoints-wael-sawan-to-replace-outgoing-chief-ben-van-beurden”,”text”:”Shell appoints Wael Sawan to replace outgoing chief Ben van Beurden”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”29b42af1-49ac-4f44-8170-a9de24d9ca15″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1663225293000,”blockCreatedOnDisplay”:”08.01 BST”,”blockLastUpdated”:1663225281000,”blockLastUpdatedDisplay”:”08.01 BST”,”blockFirstPublished”:1663225293000,”blockFirstPublishedDisplay”:”08.01 BST”,”blockFirstPublishedDisplayNoTimezone”:”08.01″,”title”:”Shell names Wael Sawan as new chief executive”,”contributors”:[{“name”:”Mark Sweney”,”imageUrl”:”https://i.guim.co.uk/img/static/sys-images/Guardian/Pix/pictures/2007/10/16/mark_sweney_140x140.jpg?width=300&quality=85&auto=format&fit=max&s=b44cb1e0f0dc4a472ded53e6488ba934″}],”primaryDateLine”:”Thu 15 Sep 2022 09.37 BST”,”secondaryDateLine”:”First published on Thu 15 Sep 2022 08.01 BST”}],”filterKeyEvents”:false,”format”:{“display”:0,”theme”:0,”design”:10},”id”:”key-events-carousel-mobile”}”>
Sentrale hendelser
The John Lewis Partnership slumped to a first half loss of £99m driven by soaring inflation, as the department store group warned a “uniquely uncertain” outlook in the run-up to Christmas would put the staff annual bonus at risk this year, reports my colleague Mark Sweney.
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The group, which is staff-owned and includes the Waitrose supermarket chain, made a profit of £69m in the same period of the six months to 30 July last year. Sharon White, the partnership’s chair, said:
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No one could have predicted the scale of the cost of living crisis that has materialised, with energy prices and inflation rising ahead of anyone’s expectations.
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As a business, we have faced unprecedented cost inflation across grocery and general merchandise.
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JLP warned the outlook for the rest of the year was “uniquely uncertain” owing to the cost of living crisis and its impact on discretionary spending, particularly on its key Christmas trading period.
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White warned that the business, which is “heavily skewed” toward the so-called golden final quarter in the run up to Christmas, will need to substantially outperform in the second half of its financial year for staff to receive an annual bonus. She said:
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A successful Christmas is key for the business given the first half. We will need a substantial strengthening of performance, beyond what we usually achieve in the second half, to generate sufficient profit to share a partnership bonus with Partners. Much will depend on the wider economic outlook and consumer sentiment.
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BST”,”blockLastUpdated”:1663231073000,”blockLastUpdatedDisplay”:”09.37 BST”,”blockFirstPublished”:1663230963000,”blockFirstPublishedDisplay”:”09.36 BST”,”blockFirstPublishedDisplayNoTimezone”:”09.36″,”title”:”John Lewis slumps to £99m loss”,”contributors”:[{“name”:”Mark Sweney”,”imageUrl”:”https://i.guim.co.uk/img/static/sys-images/Guardian/Pix/pictures/2007/10/16/mark_sweney_140x140.jpg?width=300&quality=85&auto=format&fit=max&s=b44cb1e0f0dc4a472ded53e6488ba934″}],”primaryDateLine”:”Thu 15 Sep 2022 09.37 BST”,”secondaryDateLine”:”First published on Thu 15 Sep 2022 08.01 BST”},{“id”:”6322ce598f0892ec9e8ce38d”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
We’re not seeing a lot of movement from European stocks this morning, which are mixed but relatively flat.
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Here’s how major indexes are starting the Thursday trading session:
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FTSE 100 is up 0.2%
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French CAC 40 is down 0.1%
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German DAX is up 0.2%
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Spain’s IBEX is flat
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Pan-European Stoxx 600 is up 0.1%
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“,”elementId”:”e1485b0b-73eb-42d4-a395-09b8b0bd4646″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1663225433000,”blockCreatedOnDisplay”:”08.03 BST”,”blockLastUpdated”:1663225636000,”blockLastUpdatedDisplay”:”08.07 BST”,”blockFirstPublished”:1663225636000,”blockFirstPublishedDisplay”:”08.07 BST”,”blockFirstPublishedDisplayNoTimezone”:”08.07″,”title”:”Relatively flat open for European markets”,”contributors”:[],”primaryDateLine”:”Thu 15 Sep 2022 09.37 BST”,”secondaryDateLine”:”First published on Thu 15 Sep 2022 08.01 BST”},{“id”:”6322c04e8f0892ec9e8ce32c”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.
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Banker pay is back in the spotlight this morning after reports emerged that Chancellor Kwasi Kwarteng is considering lifting a bonus cap as part of the government’s wide-ranging post-Brexit reforms.
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The cap was part of the EU’s reaction to the 2008 financial crisis, and means that year-end bonuses are currently limited to two times their annual salary.
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But those EU rules are now likely to be repealed eight years after their introduction. The Financial Times, which first reported the news, said the controversial move was part of the government’s plans to boost the City’s global competitiveness and make the UK a more attractive place for banks to do business.
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Remember that the government is also planning to controversially re-introduce “competitiveness” as a secondary objective for UK regulators through the Financial Services and Markets Bill, which is about to head to committee. Though economists and ex-politicians have warned it is an inappropriate throw-back to pre-crisis conditions. Critics are likely to make the same argument about lifting the bonus cap.
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It all seems to be part of the government’s wider strategy to put growth at the centre of all decision making, and generally lure more business, stock market listings and start-ups to London.
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But lifting the cap could prove widely controversial at a time when households are struggling to make ends meet amid the cost of living crisis, even with the government’s £150bn support package for energy bills on the horizon.
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We’ll bring you more debate and analysis as we get it.
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The agenda
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1.30pm BST: US retail sales for August
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2:15pm BST: US industrial production for August
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“,”elementId”:”18bea107-94c3-44e2-bc80-8b69cdf5cadb”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1663225293000,”blockCreatedOnDisplay”:”08.01 BST”,”blockLastUpdated”:1663224909000,”blockLastUpdatedDisplay”:”07.55 BST”,”blockFirstPublished”:1663225293000,”blockFirstPublishedDisplay”:”08.01 BST”,”blockFirstPublishedDisplayNoTimezone”:”08.01″,”title”:”Introduction: Banker bonus cap on the chopping block”,”contributors”:[],”primaryDateLine”:”Thu 15 Sep 2022 09.37 BST”,”secondaryDateLine”:”First published on Thu 15 Sep 2022 08.01 BST”},{“id”:”6322cca48f0894b39b47f58a”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Shell has appointed Wael Sawan, a 25-year company veteran , as successor to Ben van Beurden, the company’s long standing chief standing chief executive.
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Sawan will replace Ben van Beurden, Shell’s boss for almost a decade, who will be stepping down at the end of this year. Reports of Van Beurden’s planned departure emerged earlier this month, and Sawan was considered frontrunner to take the top job.
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As Shell’s current head of integrated gas and renewables division, Sawan oversees its push into into low-carbon energies as well as its giant gas business.
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Sawan, born in Beirut with dual Lebanese and Canadian nationality, will officially take over as chief executive from 1 January at which point he will also join Shell’s board.
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The 64-year-old Van Beurden, who has worked at Shell for almost four decades, will continue to work in an advisory role to the board until the end of June.
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CEO van Beurden will be replaced by Wael Sawan.”,”caption”:”Shell CEO van Beurden will be replaced by Wael Sawan.”,”credit”:”Photograph: Benoît 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Shell chairman Sir Andrew Mackenzie said:
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Ben can look back with great pride on an extraordinary 39-year Shell career, culminating in nine years as an exceptional chief executive.
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He leaves a financially strong and profitable company with a robust balance sheet, very strong cash generation capability and a compelling set of options for growth.
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Read more here:
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John Lewis faller til et tap på 99 millioner pund
Mark Sweney
De John Lewis partnerskap falt til et tap på 99 millioner pund i første halvår drevet av skyhøy inflasjon, da varehusgruppen advarte om at et «unikk usikre» utsikter i oppkjøringen til jul ville sette den ansattes årlige bonus i fare i år, rapporterer min kollega Mark Sweney.
Konsernet, som er personaleid og inkluderer supermarkedskjeden Waitrose, ga et overskudd på 69 millioner pund i samme periode de seks månedene til 30. juli i fjor. Sharon White, partnerskapets styreleder, sa:
Ingen kunne ha forutsett omfanget av levekostnadskrisen som har materialisert seg, med energipriser og inflasjon som stiger foran noens forventninger.
Som bedrift har vi møtt enestående kostnadsvekst på tvers av dagligvarer og generelle varer.
JLP advarte om at utsiktene for resten av året var “unikt usikre” på grunn av levekostnadskrisen og dens innvirkning på skjønnsmessige utgifter, spesielt på den viktigste julehandelsperioden.
White advarte om at virksomheten, som er “sterkt skjev” mot det såkalte gylne siste kvartalet i oppkjøringen til jul, vil trenge betydelig bedre resultater i andre halvdel av regnskapsåret for at ansatte skal motta en årlig bonus. Hun sa:
En vellykket jul er nøkkelen for virksomheten gitt første halvår. Vi vil trenge en betydelig styrking av ytelsen, utover det vi vanligvis oppnår i andre halvår, for å generere tilstrekkelig overskudd til å dele en partnerskapsbonus med Partners. Mye vil avhenge av de bredere økonomiske utsiktene og forbrukernes sentiment.
Financial Times har snakket med sjef for Goldman Sachs International, Richard Gnodde, som har hevdet at å skrinlegge bonustaket ville “ganske sikkert gjøre London til et mer attraktivt sted.”
Argumentet ser ut til å dreie seg om det faktum at bankene har måttet øke lønningene for å tiltrekke seg dyktige medarbeidere i stedet for bonuser, og at det er vanskeligere å kutte i lønnen til en bankmann i mer utfordrende år.
Imidlertid kan en bonus slettes helt, noe som gjør den til en mer attraktiv spak for å belønne arbeidere.
Gnodde sa detunder gjeldende system:
Hvis jeg flytter en senior person mellom New York og London, øker jeg de faste kostnadene for driften vår
Hvis den regelen ikke eksisterer, trenger jeg ikke tenke på det.
I tillegg til det som viser seg å være en livlig debatt, har Mick McAteer, et tidligere styremedlem i City regulator Financial Conduct Authority, advart om at å skrinlegge bankbonustakene er en “dårlig idé” og kan oppmuntre til å ta risiko.
Interesting discussion on @BBCr4today about gov scrapping bankers bonus cap.
There's a number of reasons why this is a bad idea.
Will encourage the type of aggressive, risk taking socially useless market behaviours we really dont need. 1/— Mick McAteer (@MickMcAteer) September 15, 2022
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Interessant diskusjon om @BBCr4today om regjeringen skroting bankers bonus cap.
Det er flere grunner til at dette er en dårlig idé.
Vil oppmuntre til den typen aggressive, risikotakende sosialt ubrukelige markedsadferd vi egentlig ikke trenger. 1/— Mick McAteer (@MickMcAteer) 15. september 2022
Finance person on Today said other regulatory measures could limit harm caused by removing bonus cap. Not really.
Even if individual firms think they're behaving what matters is aggregate impact on system. Removing cap will encourage fierce competition and create huge risks. 2/— Mick McAteer (@MickMcAteer) September 15, 2022
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Økonomiperson på Today sa at andre regulatoriske tiltak kan begrense skade forårsaket av å fjerne bonustak. Ikke egentlig.
Selv om individuelle firmaer tror de oppfører seg, er det den samlede innvirkningen på systemet som betyr noe. Fjerning av cap vil oppmuntre til hard konkurranse og skape enorme risikoer. 2/— Mick McAteer (@MickMcAteer) 15. september 2022
I'm not sure it's appreciated just how dangerous fierce competition can be. Doesn't just have destabilising market effects, it creates incentives for institutional manufacturing and misselling of toxic socially useless financial products to eg. pension funds 3/
— Mick McAteer (@MickMcAteer) September 15, 2022
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Jeg er ikke sikker på at det er verdsatt hvor farlig hard konkurranse kan være. Har ikke bare destabiliserende markedseffekter, det skaper insentiver for institusjonell produksjon og feilsalg av giftige sosialt ubrukelige finansielle produkter til f.eks. pensjonskasser 3/
— Mick McAteer (@MickMcAteer) 15. september 2022
Moreover, scrapping bonus cap comes at a time when gov intends to force fin regulators to champion City interests, to promote 'growth and competitiveness'. So, further increasing pressure to expand risky activities, sell toxic products. 4/
— Mick McAteer (@MickMcAteer) September 15, 2022
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Dessuten kommer opphuggingen av bonustak på et tidspunkt da regjeringen har til hensikt å tvinge regulatorer til å forkjempe byens interesser, for å fremme “vekst og konkurranseevne”. Så, ytterligere økende press for å utvide risikofylte aktiviteter, selge giftige produkter. 4/
— Mick McAteer (@MickMcAteer) 15. september 2022
And if that's not bad enough, looks like gov intends to give itself 'call in' powers to override regulators' decisions. So much scope for City lobbyists to get what they want.
Regulatory independence under serious threat from political expediency/ industry lobbies now. 5/— Mick McAteer (@MickMcAteer) September 15, 2022
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Og hvis det ikke er ille nok, ser det ut til at regjeringen har til hensikt å gi seg selv “ringe inn” fullmakter til å overstyre regulatorenes avgjørelser. Så mye muligheter for byens lobbyister til å få det de vil ha.
Regulatorisk uavhengighet under alvorlig trussel fra politisk hensiktsmessighet/industrilobbyer nå. 5/— Mick McAteer (@MickMcAteer) 15. september 2022
Already it looks like gov thinking about relaxing bank capital requirements after pushing BoE/ PRA to weaken critical insurance Solvency II regulations.
And what does scrapping bonus cap mean for levelling up? Why give London a further rocket boost?
6/— Mick McAteer (@MickMcAteer) September 15, 2022
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Allerede ser det ut til at regjeringen tenker på å lempe på bankenes kapitalkrav etter å ha presset BoE/PRA til å svekke Solvens II-regelverket for kritisk forsikring.
Og hva betyr utrangeringsbonustak for å gå opp i nivå? Hvorfor gi London et ytterligere rakettløft?
6/— Mick McAteer (@MickMcAteer) 15. september 2022
Shell-aksjen er opp nesten 0,8 % på bakgrunn av bekreftelsen av Ben van Beurdens avgang og erstatning i morges.
Relativt flatt åpent for europeiske markeder
Vi ser ikke mye bevegelse fra europeiske aksjer denne morgenen, som er blandede, men relativt flate.
Her er hvordan store indekser starter handelsøkten på torsdag:
Shell utpeker Wael Sawan som sin nye administrerende direktør
Mark Sweney
Shell har utnevnt Wael Sawan, en 25-årig bedriftsveteran, som etterfølger til Ben van Beurden, selskapets mangeårige administrerende direktør.
Sawan vil erstatte Ben van Beurden, Shells sjef i nesten et tiår, som går av ved slutten av dette året. Rapporter om Van Beurdens planlagte avgang dukket opp tidligere denne måneden, og Sawan ble ansett som frontløper for å ta toppjobben.
Som Shells nåværende sjef for integrert gass- og fornybar-divisjon, overvåker Sawan sin innsats for lavkarbonenergi samt sin gigantiske gassvirksomhet.
Sawan, født i Beirut med dobbelt libanesisk og kanadisk statsborgerskap, vil offisielt ta over som administrerende direktør fra 1. januar, da vil han også gå inn i Shells styre.
Den 64 år gamle Van Beurden, som har jobbet i Shell i nesten fire tiår, vil fortsette å jobbe i en rådgivende rolle for styret frem til slutten av juni.
Shells styreleder Sir Andrew Mackenzie sa:
Ben kan se tilbake med stor stolthet på en ekstraordinær 39 år lang Shell-karriere, som kulminerte med ni år som en eksepsjonell administrerende direktør.
Han etterlater seg et finansielt sterkt og lønnsomt selskap med en robust balanse, meget sterk kontantgenereringsevne og et overbevisende sett med vekstalternativer.
Les mer her:
Introduksjon: Banker-bonustak på hakkeblokken
God morgen, og velkommen til vår rullende dekning av næringslivet, verdensøkonomien og finansmarkedene.
Banklønn er tilbake i søkelyset denne morgenen etter at det dukket opp rapporter om at kansler Kwasi Kwarteng vurderer å løfte et bonustak som en del av regjeringens omfattende reformer etter Brexit.
Taksten var en del av EUs reaksjon på finanskrisen i 2008, og betyr at årsavslutningsbonusene foreløpig er begrenset til to ganger årslønnen.
Men disse EU-reglene vil nå trolig bli opphevet åtte år etter at de ble innført. Financial Timessom først rapporterte nyhetene, sa at det kontroversielle trekket var en del av regjeringens planer om å øke byens globale konkurranseevne og gjøre Storbritannia til et mer attraktivt sted for banker å gjøre forretninger.
Husk at regjeringen også planlegger å kontroversielt gjeninnføre “konkurranseevne” som et sekundært mål for britiske regulatorer gjennom Financial Services and Markets Bill, som er i ferd med å gå til komiteen. Selv om økonomer og eks-politikere har advart om at det er en upassende tilbakekast til forhold før krisen. Kritikere vil sannsynligvis komme med det samme argumentet om å løfte bonusgrensen.
Det hele ser ut til å være en del av regjeringens bredere strategi for å sette vekst i sentrum av all beslutningstaking, og generelt lokke flere bedrifter, børsnoteringer og oppstartsbedrifter til London.
Men å løfte taket kan vise seg å være svært kontroversielt i en tid da husholdninger sliter med å få endene til å møtes midt i levekostnadskrisen, selv med regjeringens støttepakke på 150 milliarder pund for energiregninger i horisonten.
Vi vil gi deg mer debatt og analyse etter hvert som vi får det.
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