Rishi Sunak is pushing ahead with Liz Truss’s plan to axe the cap on bankers’ bonuses despite warnings that boosting bumper payouts for the rich is “obscene”.

Scrapping the limit on multimillion-pound bonuses for high earners is one of the only policies to survive the disastrous “Trussonomics” period last autumn.

Mr Sunak has approved his predecessor’s policy to get rid of the post-Brexit rules around capping bonuses – inherited from the EU when the UK was still a member.

The approval comes around a year after former chancellor Kwasi Kwarteng first revealed plans to change the bonus rules as part of the mini-Budget fiasco, which sparked market panic.

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