An “obscene” plan to axe the cap on bankers’ bonuses while households face a cost of living crisis has engulfed the new government in controversy, ahead of a mini-Budget next week.
The new chancellor, Kwasi Kwarteng, was condemned for seeking to let pay rip for top earners in the City of London, while public sector workers are told to show restraint to keep inflation in check.
The proposal to remove the cap, in a bid to boost sluggish growth, is also a “huge risk” by threatening to repeat the blunders that led to the devastating 2008 financial crash, he was warned.
