Chancellor Kwasi Kwarteng's plans to ditch the long-standing cap on banker bonuses to make the City more competitive have been branded “beyond tone deaf” by fair pay advocates. But bankers don't like the idea either.

“[Axing the cap is] good for banks, but not good for bankers,” said one senior dealmaker at a European firm. “Banks will cut salaries for upcoming staff under the guise of paying them bigger bonuses. Ultimately, I think we’ll end up with less.”