BANKERS TO BE OK SHOCKER
Tax rises and cuts for rest
FURY is set to erupt as Jeremy Hunt is expected to lift the cap on bankers’ bonuses when he delivers his autumn budget today.
The Chancellor’s controversial announcement will be one of the few measures to survive from Kwasi Kwarteng’s disastrous minibudget in September.
The news comes as UK inflation hit a 41-year high of 11.1% last month as energy bills and food prices drive up the cost of living.
The Office for National Statistics revealed the increase, from 10.1% in September, which came despite a Government-imposed cap on wholesale energy prices.
Hunt is expected to say: “High inflation eats away at the trust upon which a strong society is built. Families and governments must make sacrifices.”
Speculation continues about the mix of tax hikes and spending cuts he will bring in to find savings of up to £60 billion.
Labour’s Shadow Chancellor Rachel Reeves said: “Over the past decade, Tory economic failures have led to Britain falling behind on the global stage.”
WE’RE all braced for grim news in the Autumn Statement today.
Jeremy Hunt is set to unveil hefty tax hikes and spending cuts.
The Chancellor has already laid the ground over the past few weeks, warning of “difficult decisions” ahead.
He’s looking to fill a £60 billion black hole in the public finances.
Everyone looks set to take a hit – except, it seems, for bankers.
The cap on their bonuses is expected to be lifted.
What an unbelievably crass idea. As millions prepare for bleak months ahead, these highly-paid workers will be popping the champagne open and preparing to line their pockets even more.
Ministers say there’s no money to pay nurses better wages.
But they have no issue with bankers raking in unlimited amounts.
It’s clearly a sign of where their priorities lie.
For the rest of us, it’s a slap in the face.