Rishi Sunak rages at Keir Starmer over Labour U-turn

       Rishi Sunak ripped into Sir Keir Starmer in a row over a cap on bankers' bonuses during a fiery PMQs today.

       The Prime Minister said he was "genuinely surprised" to see shadow chancellor Rachel Reeves say Labour would not reinstate the cap despite the party's fierce criticism of the Government for scrapping it.

       Mr Sunak said: "After recently and repeatedly attacking not just me but the Government for listing the bonus cap I was genuinely surprised to see that the shadow chancellor just today has announced she supports the Government's policy on the bankers' bonus cap.

       "I can tell him that trust and economic credibility come from sticking to a plan. But it's becoming clear you cannot trust a word that he says."

       The moment came as the PM and Labour leader clashed over the cost of living.

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       Elsewhere during PMQs, the SNP also took aim at Labour over the cap on bankers' bonuses.

       SNP Westminster leader Stephen Flynn told the Commons: "When the Tories scrapped the cap on bankers bonuses in the autumn during a cost-of-living crisis, the Labour Party rightly opposed it.

       "Yet here we are just three months later, and the Labour Party support scrapping the cap on bankers bonuses. Shameful.

       "But is the Prime Minister comforted by the fact that he is no longer alone in this House on being completely out of touch with public opinion?"

       Mr Sunak replied: "As I said at the time, we supported the decision of the independent regulator because this was the right thing for financial stability, but that is because on this side of the House we have a set of convictions and we have a plan, and we stick to it.

       "But he is absolutely right to point out the flip-flopping and U-turning and no convictions of the party opposite."

       It comes after Ms Reeves said Labour would not reinstate the cap as she wants to be a "champion" of the financial services sector marking a major shift in the party's policy direction.

       The cap was introduced in the wake of the 2008 financial crisis to limit annual payouts to twice a banker's salary, but axed during Liz Truss's premiership.

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       Ms Reeves told the BBC: "The cap on bankers' bonuses was brought in in the aftermath of the global financial crisis and that was the right thing to do to rebuild the public finances.

       "But that has gone now and we don't have any intention of bringing that back.

       "And as chancellor of the exchequer, I would want to be a champion of a successful and thriving financial services industry in the UK."

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