Sunak’s decision to scrap the cap on bankers’ bonuses was condemned by the Labour Party.
The Prime Minister has been slammed for listening to Liz Truss and scrapping the cap on bankers’ bonuses, showing just how out of touch the Tory party is with the country.
The policy of scrapping the cap on multimillion-pound payouts was one of the only policies to survive Ms Truss’s disastrous mini-budget, which caused financial turmoil and resulted in her being booted from office. The Financial Conduct Authority confirmed that the measure – which has been in place since 2014 – will end on October 31.
While millions of families up and down the country continue to struggle to make ends meet the Tories are more interested in helping millionaire bankers. The Tories also announced the decision on a day when the Joseph Rowntree Foundation (JRF) produced a damning report showing that nearly 4 million people across the country are living in extreme poverty, which included more than 1 million children. The JRF report reveals that there has been a 61% rise since 2019 in the number of people experiencing destitution, including an 88% rise since 2019 in the number of children experiencing destitution.
Sunak’s decision to scrap the cap on bankers’ bonuses was condemned by the Labour Party.
Darren Jones, shadow Treasury secretary, said: “Rishi Sunak is marking his anniversary of becoming prime minister by pushing ahead with Liz Truss’ plan to axe the cap on bankers’ bonuses. When Truss says jump, Sunak says how high.
“At a time when families are struggling with the cost of living and mortgages are rising, this decision tells you everything you need to know about the priorities of this out of touch Conservative government.”
Sunak’s decision was also slammed by trade unions, with TUC General Secretary Paul Nowak calling it an ‘obscene decision’.
Nowak said: “City financiers are already enjoying bumper bonuses. They don’t need another helping hand from the Conservatives.
“At a time when millions up and down the country are struggling to make ends meet – this is an insult to working people. Rishi Sunak has shown once again that he is more interested in feather-nesting the super-wealthy than helping struggling families.
“Rampant inequality will do nothing to boost growth or competitiveness – it will just hold our economy back.
“This is why we need to have a national conversation about taxing wealth properly in this country.”
UNISON general secretary Christina McAnea also condemned Sunak’s decision. She said: “Anyone who thinks that making bankers even richer will achieve anything positive for the country is utterly deluded.
“It’s beyond belief that the disastrous policies of Liz Truss are being reheated. She trashed the economy and everyone else is still paying the price.
“This won’t win public sympathy for a government in desperate need of it. Ministers should be helping the millions struggling with rising bills, growing the economy and investing in crumbling public services. Not allowing their wealthy pals to feather their nests further.”
Basit Mahmood is editor of Left Foot Forward
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