Plan to remove cap on bankers' bonuses to go ahead
A plan to remove a cap on bankers' bonuses is one of the few mini-budget policies to remain after most measures were unwound by the new chancellor.
Critics argued the move benefited wealthy people at a time when many households were struggling with living costs. Mr Hunt said the previous policy didn't work and argued the government would get more tax from rich bankers by removing the cap.City bosses have long complained about the EU-wide bonus rules which cap bonuses at twice an employee's salary, arguing they lead to higher base pay that pushes up banks' fixed costs.
On Friday, the Trades Union Congress said City bonuses had increased at more than twice the speed of wages since the 2008 financial crash. The TUC called on the government to boost the minimum wage to £15 an hour. The minimum wage, which is known officially as the National Living Wage is currently £9.50 an hour for over-23s.
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