On 23 September UK Chancellor of the Exchequer Minister Kwasi Kwarteng unveiled a mini-budget that outlines new Prime Minister Liz Truss’ new look economic policy. Among the measures presented to boost growth and counter inflation, employers will in particular note that the cap on banking sector bonus is to be removed and that IR35 reform (tax reform on disguised employment) will be repealed. Trade unions however are worried about the proposed stricter regulations over strike action.
During his mini-budget presentation and as announced mid-September in the press (c.f. article No. 13210), the Chancellor of the Exchequer confirmed that the cap on bankers’ bonuses would be scrapped. This ceiling had capped bonuses to 200% of annual salary and had been in place since 2014, following an EU decision as a result of the 2008 financial crisis (c.f. article No. 7485). “A strong UK economy has always depended on a strong financial services sector. We need global banks to create jobs
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