UK financial regulators scrap cap on bankers’ bonuses

Bonus cap to end on 31 October, a move condemned by unions as an insult to working people'

The UK's financial regulators have formally scrapped the banker bonus cap, removing one of the key reforms introduced by the EU in the wake of the 2008 financial crisis.

The Bank of England and Financial Conduct Authority (FCA) confirmed that the cap would disappear on 31 October, nearly a year after Liz Truss's short-lived government first revealed plans to ditch the rules in a bid to attract more investment and shed EU rules post-Brexit.