The new UK chancellor may have only been in post for ten days, but he’s already causing a stir in the Treasury – first by sacking the department’s top civil servant of thirty years, and now by ditching the cap on banker’s bonuses.
Kwasi Kwarteng, appointed to the position by Liz Truss on 6 September, is said to be considering scrapping the cap on banker’s bonuses in a bid to make the City of London ‘more globally competitive’, reports The Huffington Post.
The cap, introduced in 2014, limits the amount bankers can receive in bonuses to twice their annual salary. So under the current rules, a banker on £165,000 would be able to take home up to £330,000 in bonuses on top of their annual salary.
Prior to the EU’s introduction of the cap, bankers were more likely to take large risks like those which led to the financial crash of 2008 (and a subsequent £500 billion UK taxpayer bailout for those banks considered ‘too big to fail’).
Considering the government has been advising pay restraint in the public and private sector as essential for tackling inflation, currently at 9.9% according to The Consumer Prices Index, the move is likely to prove unpopular with voters.
Good meeting with the Governor of the Bank of England, Andrew Bailey.
The Bank’s independence is sacrosanct as we work together to overcome cost of living challenges.
I’ve reinstated regular meetings with the Governor – initially bi-weekly – to coordinate our ongoing response. pic.twitter.com/QnrBMqJXoK
Still, the desire to ditch the cap is not new. The Conservative party has been opposed to the policy from the start, with George Osborne attempting to overturn it at the European court of justice when it was first introduced.
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According to theFinancial Times, Kwarteng has told City bosses: “We need to be decisive and do things differently.”
He is expected to reveal a mini-Budget in parliament next week following the national period of mourning for the Queen, in which he will confirm the government is also scrapping the rise in national insurance payments introduced to support the NHS, and ditching plans to increase corporation tax.
Arrest made after 14-year-old boy found in critical condition on Market Street
Daisy Jackson
An arrest has been made after a teenage boy was found unresponsive on Market Street in Manchester city centre.
Detectives believe that the boy, 14, was approached by seven males who stole a designer jacket from him.
Following the altercation, he went into cardiac arrest and was rushed to hospital in a critical condition.
Thankfully, the teenager is continuing to recover well.
Detectives from Manchester City Centre Criminal Investigation Department confirmed that an 18-year-old male was arrested yesterday, Thursday 20 February.
He has been arrested on suspicion of robbery and remains in police custody.
Detective Inspector Mark Astbury of GMP’s City Centre Criminal Investigation Department, said: “We hope the victim can continue his recovery following what must have been a terrifying ordeal for him.
“Officers are fully investigating all aspects of this shocking incident that has left a man with serious injuries in hospital.
“Our work doesn’t stop here, we are continuing to investigate this incident and information from the public plays an incredibly important role in our investigations and I ask that the community keep talking to us and keep sharing their concerns with us so our teams can act.”
If you have any information, contact GMP 101 or 0161 856 4305 quoting log 2854 of 16/2/25.
Comedy is being prescribed instead of antidepressants as part of UK trials
Emily Sergeant
Trials are currently underway to see if comedy could be an alternative to antidepressants as a way to reduce NHS costs.
UK tech company Craic Health has secured important funding for its ‘comedy on prescription’ project that’s aimed at helping the Government work with the comedy industry, communities, and organisations on comedy-based social prescriptions in the hope that they can solve financial struggles within the NHS.
The groundbreaking scheme uses stand-up shows and workshops to help people who are isolated, lonely, and vulnerable.
Craic believes comedy is an ‘untapped opportunity’ to improve health and wellbeing, and has a goal to make comedy easier to access, so that it can help communities experience its mental health and social benefits.
To achieve this, the company has started trialling Comedy-on-Prescription experiences in the UK – starting in London, with the potential for expansion – which includes things like curated comedy panel game show events and workshops, and general stand-up comedy shows at some of the capital’s world-famous venues.
Comedy is being prescribed instead of antidepressants as part of UK trials / Credit: Wikimedia Commons
“Mental health issues like loneliness, isolation, and stress are more common than ever,” the company explains.
“So much so that it’s projected that by 2030, mental health problems, particularly depression, will be the leading cause of mortality and morbidity globally, [but] in this challenging world, comedy stands out as a universal language that breaks barriers.
“Research shows that comedy and laughter have powerful effects – they bring people together, create positive connections, and make life more enjoyable.”
Craic Health says that social prescribing, of which Comedy-on-Prescription is a part of, is all about inclusivity, which makes it making it suitable for people of all ages, backgrounds, and abilities.
Its focus is on personalised support, tailored to individual needs and preferences.
Georgina Pellant -
16th September 2022 
