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.
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.
Manchester’s newest hotel launches massive recruitment drive with 100+ jobs available
Emily Sergeant
One of Manchester’s newest hotels has launched a massive recruitment drive with more than 100 jobs available to locals.
The Medlock, Manchester’s bold new 401-bedroom hotel – which is born from a partnership between Manchester City Football Club and Radisson Hotel Group, and is set to open later this year in the autumn – is looking for new team members across a wide range of areas, including front of house, housekeeping, engineering, and reservations.
To welcome these new team members onboard, the hotel has now launched a massive recruitment drive with dozens of roles available to local people.
Individuals who bring ‘authenticity, pride, and personality’ to everything they do are encouraged to apply for the roles – which go live early next week (Monday 27 April).
Aimed at boosting employment within the local community, vacancies span front-of-house, housekeeping, engineering and reservations.
The recruitment drive – delivered in partnership with Total People – is being lead by Valor Hospitality, the hotel’s operator chosen for its global expertise and people-first approach to hospitality, and will be offering tailored training programmes that are designed to make careers in hospitality accessible to Manchester residents.
Vocational qualifications across a range of skills will help individuals build confidence and step into rewarding roles in the industry, and it also means prior experience is not entirely necessary.
More than 100 roles will be available to local people / Credit: Supplied
General Manager Richard Pearson says the recruitment drive is a ‘unique opportunity to be part of an exciting partnership’.
“This is a milestone we’ve been eagerly anticipating, building the team that will bring The Medlock to life,” he added. “We’re looking for people who carry the spirit of Manchester with them, people who are proud of where they’re from and passionate about creating something special together.”
As mentioned, all job adverts will go live next Monday (27 April) so hopefuls can get their applications submitted here.
This’ll then be followed by invite-only open days for shortlisted candidates in mid May.
Featured Image – Supplied
News
UK passes bill to ban everyone born after 2008 from smoking in ‘historic’ moment
Emily Sergeant
In what is described as being a ‘historic moment’, the UK has now passed a bill to ban everyone born after 2008 from ever buying tobacco products.
It’s been a long time coming, but the final draft of the landmark Tobacco and Vapes Bill completed its journey through the Houses of Commons and Lords yesterday (21 April 2026), and is now on its way to receiving royal assent to officially become the law.
For those unfamiliar, the Tobacco and Vapes Bill will stop people who were born on or after 1 January 2009 from ever taking up smoking.
It will also give Government ministers new powers to regulate tobacco, vaping, and nicotine products – including their flavours and packaging, which make them more appealing to younger generations.
Health Secretary Wes Streeting has hailed the bill’s passing as a ‘historic moment for the nation’s health’ on the road to creating a smoke-free generation.
The UK has passed a bill to ban everyone born after 2008 from smoking / Credit: Lil Artsy (via Pexels)
“Children in the UK will be part of the first smoke-free generation, protected from a lifetime of addiction and harm,” Mr Streeting said after the bill was passed this week.
“Prevention is better than cure. This reform will save lives, ease pressure on the NHS, and build a healthier Britain.”
The ban on purchasing tobacco products for those born after 2008 was first mooted by Rishi Sunak’s Conservative Government a number of years back, but was eventually shelved ahead of the 2024 General Election, and then revived again by Labour when they took power.
The bill’s passing parliament has been welcomed by charities and campaign groups – most notably Cancer Research UK.
“This is a historic achievement that will shield our children from the devastating grip of tobacco addiction and help to put an end to cancers caused by smoking,” concluded Michelle Mitchell, who is the Chief Executive Officer at Cancer Research.
Georgina Pellant -
16th September 2022 
