Kwasi Kwarteng scraps cap on bankers’ bonuses in mini-budget

A cap on bankers bonuses has been lifted as part of Kwasi Kwarteng’s fiscal event - or “mini-budget” - today, 23 September.

The chancellor has scrapped the EU-wide cap introduced in 2014, which limited bonuses to 200 per cent of bankers’ annual salaries, originally intended to discourage profit-chasing that critics said triggered the financial crash of 2008.

The mini-budget comes a day after the Bank of England warned the UK may already be in a recession, lifting interest rates to their highest levels for 14 years to 2.25 per cent.

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