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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