The City's wealthiest are set to benefit the most from cuts to income tax in chancellor Kwasi Kwarteng’s mini-budget, but there's a sting in the deal for pension savings.

Slashing the income tax rate to 40% from 45% for those who earn more than £150,000 a year – 1.9% of the UK’s population — came alongside the removal of the bonus cap for bankers as Kwarteng sent a clear pro-growth message to the City.