New chancellor made no mention of policy in economic update, but Treasury sources confirm he will go ahead with controversial move
The new chancellor, Jeremy Hunt, is pressing on with plans to scrap the bankers’ bonus cap, protecting one of the most divisive policies from his predecessor’s disastrous mini-budget.
Hunt made no mention of the EU-imposed cap, which limits payouts to two times bankers’ salaries, in his economic update on Monday in which he reversed nearly all of Kwasi Kwarteng’s 23 September announcements.
