English
Estonian
Latvian
Lithuanian
Polish
Romanian
Russian
Ukrainian
Related: When is the Autumn Budget and what to expect?
Jeremy Hunt is likely to lift the cap on bankers’ bonuses when he delivers his autumn budget tomorrow, part of a range of measures designed to restore the UK’s economic credibility.
The Financial Times first reported the chancellor will make the lifting of the cap one of the few measures to survive from Kwasi Kwarteng’s disastrous mini-budget, amid speculation about the “difficult decisions” that Mr Hunt and the prime minister are likely to take as they try to find up to £60bn from a combination of hikes and spending cuts.
Earlier, Rishi Sunak urged banking executives “to embrace pay restraint” in order not to exacerbate inflation.
The budget is widely expected to raise finances through stealth taxes by freezing the rates at which workers begin paying higher rates of tax, with inflation and pay increases dragging more people into higher bands.
But tough spending cuts are likely too, with Mr Hunt reportedly eyeing up plans to cut funding for the government’s homes for Ukrainian refugees scheme and planning to reduce funds received by councils for some of the services for refugees hosted by UK families.
Sunak offers Poland assistance from UK after strike by suspected Russian missiles
Prime minister Rishi Sunak has offered Poland “any assistance needed” to establish responsbility for a missile strike on its territory.
Mr Sunak, who is attending the G20 summit in Indonesia, spoke by phone with Polish president Andrzej Duda shortly after reports emerged that Russian missiles had landed in the Nato member close to its border with Ukraine.
The prime minister said the UK was co-ordinating with Nato partners and stands ready to support its allies as they seek to establish the facts behind the incident, believed to have killed at least two people.
Our political editor Andrew Woodcock reports from Bali:
Namita Singh16 November 2022 05:00
Biden convenes ‘emergency’ G7 and Nato meeting after Russian-made rockets strike Poland
The explosion in the Nato member state, which is understood to have killed at least two people, came as a wave of Russian missiles hit civilian targets across Ukraine, including capital Kyiv.
Nato and G7 leaders, including Mr Biden and British prime minister Rishi Sunak condemned the assault on Ukraine as “barbaric”.
More in this joint report from Andrew Woodcock and Andrew Feinberg:
Namita Singh16 November 2022 04:50
Lifting of cap on bankers’ bonuses expected in chancellor’s autumn budget
Jeremy Hunt is expected to lift the cap on bankers’ bonuses when he delivers his autumn budget tomorrow.
The Financial Times first reported the chancellor will make the lifting of the cap one of the few measures to survive from Kwasi Kwarteng’s disastrous mini-budget, as he bids to use the autumn statement to restore the UK’s economic credibility.
Earlier, the prime minister urged bosses to keep down their pay in order not to exacerbate inflation.
Read the details in this report:
Namita Singh16 November 2022 04:41
Welcome to The Independent’s UK politics blog for Wednesday, 16 November 2022 where we provide the latest from Westminster.
Namita Singh16 November 2022 04:03
