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No U-turn from Jeremy Hunt on scrapping bankers’ bonus cap

New chancellor made no mention of policy in economic update, but Treasury sources confirm he will go ahead with controversial move

  • Hunt rips up most of Kwarteng’s mini-budget
  • UK politics: all today’s developments – live

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.

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