Bankers’ bonuses will be scrapped to boost productivity in the City, Kwasi Kwarteng confirms

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The bankers’ bonus is being scrapped, Chancellor Kwasi Kwarteng has confimed as he unveiled his mini-budget.

Announcing the measure, Mr Kwarteng told the Commons: “A strong UK economy has always depended on a strong financial services sector.

“We need global banks to create jobs here invest here and pay taxes here.”

(This story is being updated)

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