Kwasi Kwarteng’s plan to scrap Britain’s bankers’ bonus cap has been welcomed in the City of London, but it will plunge the chancellor into a ferocious debate about how best to boost the country’s anaemic growth rate.
The opposition Labour party argues that axing the cap, which limits bonuses to twice the annual salary and aims to prevent excess risk taking, will do little to boost growth and simply amounts to a pay rise for wealthy bankers as the country faces a cost of living crisis.
But Kwarteng told Treasury staff on a Zoom call this week that their “entire focus” now had to be on boosting growth; he will set out his strategy in a mini-Budget to be held on Friday September 23.
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