Conservative Party conference in Birmingham on Monday where Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are facing tough questions about their controversial tax-cutting mini budget announced last week. Former Made In Chelsea star Georgia was seen hanging around the event alongside Stanley, who is father of former Prime Minister Boris Johnson.
Tory plan to lift cap on bankers' bonuses would be 'pro-rich' measure
15.09.2022 - 13:26 / dailyrecord.co.uk
The new Tory chancellor has been accused of planning “pay rises for City bankers, pay cuts for district nurses” as it was revealed the government is considering scrapping the cap on bankers’ bonuses.
Labour leader Keir Starmer attacked the controversial proposal from Kwasi Kwarteng to allow bankers’ bonuses to soar to the millions while most ordinary workers see their wages fall because of inflation and the cost of living crisis.
Starmer said that the new chancellor was putting bankers ahead of NHS workers who face a real cut in their wages under public sector pay proposals.
Kwatreng faces a massive backlash when normal political exchanges resume after the Queen’s funeral when he is due to present a mini-budget to the Commons to deal with the winter energy emergency.
The cap on City bonuses was introduced after the 2008 financial crisis when bankers crashed the global economy with over-stretched financial deals.
The cap limits annual pay-outs to twice a banker’s salary, and removing it could prove politically toxic as millions feel the strain of the cost-of-living crisis.
According to the Financial Times sources close to Kwarteng said that no final decisions had been made, but suggested such a move as part of a wider package would make London a more attractive place for global banks.
Liz Truss’s Chancellor has promised a growth-focused shake-up of the economy and told City bosses last week: “We need to be decisive and do things differently.”
Lifting the cap would also come at a time when the Government is refusing Labour’s demands for the multibillion windfall tax on the soaring profits of gas and oil giants to cover energy bill payouts to families.
Kwarteng is expected to announce a mini-budget to help the country as it faces
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