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Les bonus des banquiers devraient monter en flèche alors que Kwasi Kwarteng envisage un feu de joie de la bureaucratie de la ville

BANKER bonuses are set to skyrocket under Kwasi Kwarteng’s radical plan to make Britain the world’s economic powerhouse after Brexit.

The new Chancellor is preparing to shred masses of EU red tape strangling City firmsbut could ask them to invest in social care in return.

Kwasi Kwarteng could lift the cap on banker bonuses

Kwasi Kwarteng could lift the cap on banker bonusesCrédit: Reuters

He is set to unveil hisBig Bang 2.0deregulation blitz at next Friday’s mini-Budget and in a speech to bosses.

As part of the red tape bonfire he is expected to allow fat cats to trouser millions by scrapping the cap on bonuses they can receive on top of their [object Window].

He is also set to ditch BrusselsSolvency II rules that limit insurance firmsinvestments in exchange for them pouring money into the cash-starved social care system.

Monsieur Kwarteng is eyeing a trade-off whereby companies plug the £13billion black hole in the creaking care budget after Liz Truss reverses the National Insurance rise.

But a huge row exploded last night as critics accused the Chancellor of helping bankers line their pockets while ordinary Brits struggle to pay the bills.

Trade Union Congress boss Frances O’Grady demanded he prioritised the millionsstruggling to keep their heads above water”.

She blasted: “Working people are being walloped by soaring prices after the longest and harshest wage squeeze in modern history.

The Chancellor’s number one priority should be getting wages rising for everyonenot boosting bumper bonuses for those at the top.

Labour MP Dame Margaret Hodge said it is “obscène” to be thinking about banker bonuses in the raging cost of living crisis.

Former Bank of England economist Andrew Sentance said axing the cap senta rather confused signalto squeezed families.

EU rules introduced in the wake of the 2008 financial crash limit City bonuses to twice a banker’s base salary.

Allies insisted Mr Kwarteng’s master-plan would turbocharge growth by luring firms to London rather than rivals New York, Frankfurt and Paris.

They also said bonuses were taxable and so more cash would be generated for the Treasury to spend on vulnerable Brits.

Welcoming the move, David Buik of Aquis Exchange said: “I understand the incandescence of rageit looks awful. But the fact remains that we have to get some growth from somewhere.

We’ve lost ground to the European Union, we’ve lost ground to the United Stateswe can get that back.

Mr Kwarteng is also expected to announce low regulationInvestment Zones” et “full-fat freeportsto drive businesses to certain towns and cities.