Rishi Sunak latest news: Hunt expected to lift cap on bankers’ bonuses in autumn budget on Thursday

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Related: When is the Autumn Budget and what to expect?

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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.

Show latest update 1668575734UK working with allies after Russian-made missiles ‘cross into Poland’, says Sunak

Rishi Sunak said the UK would “support our allies” as Joe Biden pledged US support for Poland but stated it was “unlikely” a missile that killed two people there was fired from Russia.

The prime minister joined an emergency morning meeting on the incident at the G20 summit in Bali.

He was pictured sitting next to the US president, who called the roundtable of likeminded G7 and NATO leaders.

Namita Singh16 November 2022 05:15

1668575430 Sunak must not ‘drift into appeasement’ in talks with China’s Xi, warns former Tory leader

Rishi Sunak has been accused of “drifting into appeasement” after hastily arranging last-minute face-to-face talks with Chinese leader Xi Jinping at the G20 summit.

The meeting on the margins of the leaders’ gathering in Indonesia on Wednesday was organized after Mr Sunak signaled he was softening his position on China, describing the Far Eastern giant as a “challenge” rather than a “threat” to UK national security. Their encounter comes a day after meetings between Mr Xi and both Joe Biden and Emmanuel Macron.

Downing Street insisted the prime minister will be “clear-eyed” in his interactions with Mr Xi and continues to view Beijing as an economic threat to the UK, reports Andrew Woodcock:

Namita Singh16 November 2022 05:10

1668574830 Sunak offers Poland assistance from UK after strike by suspected Russian missiles

Prime minister Rishi Sunak has offered Poland “any assistance needed” to establish responsibility 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, and believe that at least two people have been killed.

Our political editor Andrew Woodcock reports from Bali:

Namita Singh16 November 2022 05:00

1668574230Biden 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

1668573667 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 would make lifting the cap one of the few measures to survive 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

1668571407

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

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