Thousands of City bankers paid bonuses in dollars by their Wall Street employers are toasting a triple mini-Budget boost after the plunge in the pound. It means that their payouts in the US currency at the end of the financial year will be higher when translated into sterling. Highly paid London finance workers were already in the money after Kwasi Kwarteng scrapped the cap on bankers' bonuses and axed the higher 45 per cent tax rate on annual pay of more than £150,000. It was hammered in early trading today, dropping to a record low of $1.0327, below the 1985 baseline of $1.0545. Neil Wilson, chief market analyst at Markets.com, said: 'Kwasi's budget is a big boost for American bankers in London, although dollar earners have been doing well for some time.

Source: Daily Mail September 26, 2022 05:37 UTC