Kwasi Kwarteng presumably imagines that, whatever anyone else thinks, bankers will surely welcome his plan to scrap the cap on their bonuses.
The Chancellor believes this move will boost the City, part of his and Liz Truss’s drive for growth.
It doesn’t make London more competitive, he says, concluding: “This isn’t necessary.”
So it may not work as a policy, and there’s also a chance some of the presumed beneficiaries might not be wild about it.
So for the bankers, their total take-home may not have shifted much. More of it was guaranteed rather than reliant on what trade they drummed up.
If their contracts are now adjusted to be bonus-dependent, that means they have got to ace it again. At the moment, investment bank revenue is on the slide as clients sit on their hands.
Goldman Sachs has already said it will fire 5% of staff at the end of the year.
Fewer bankers, however they are paid, mean less money to the tax coffers the new Government imagines it can boost by unleashing the City.
This one may not go the way Kwarteng and co would like.