Rishi Sunak is in office but Liz Truss remains in power. That’s the line that Labour are pushing on today’s announcement that the cap on bankers’ bonuses will be abolished next week. The change was initially announced by Kwasi Kwarteng in the infamous mini-budget of September 2022. It was one of the few measures to be retained when Chancellor Jeremy Hunt replaced Kwarteng at the Treasury on the grounds that it did not have an impact on state finances, unlike her tax cuts.
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