Friday 23 September 2022 12:35 PM Angry Britons quick respond to the Chancellor scrapping banker's bonus cap by ... trends now Angry Britons have quickly waded in on the Chancellor's announcement to axe the cap on bankers' bonuses by sharing memes of notorious fat cats including Gordon Gekko. Chancellor Kwasi Kwarteng set out a series of measures in his so-called mini-budget on Friday, including abolishing the top rate of income tax for the highest earners, axing the cap on bankers' bonuses, and adding restrictions to the welfare system. From April, the 629,000 earners getting more than £150,000 a year will no longer pay the top income tax rate of 45% and will instead pay the 40% applicable to those on over £50,271. But the announcement has been met with backlash amid fears it will see the return of a 'culture of greed' in the City as Britons suffer from a deepening cost-of-living crisis. People immediately began sharing memes about bankers and high earners celebrating the announcement - including one showing fictional villain of the popular Oliver Stone film 'Wall Street,' Gordon Gekko, who has become a cultural symbol for greed. Another shared a luxury holiday photo with the caption 'what a time to be either a millionaire or billionaire in the UK. Waiting for that trickle down money to hit my bank account.' Britain's Chancellor of the Exchequer Kwasi Kwarteng unveiling an anti-inflation budget plan at the House of Commons today Angry Britons have quickly waded in on the Chancellor's announcement to axe the cap on bankers' bonuses by sharing memes of notorious fat cats including Gordon Gekko Another wrote 'bankers in the city right now' and shared a meme of three suited men dancing. One meme showed a skeleton sat on a bench with the caption 'still waiting for banker's bonuses to trickle down'. The controversial decision will remove the limit on bankers' annual pay-outs - which has been capped at 100% of their salary, or double with shareholder approval - introduced by the European Union after the 2008 financial crisis. Mr Kwarteng said the move would encourage global banks to create jobs, invest, and pay taxes in the City. People were quick to hit out at the announcement to axe bankers' bonuses by sharing memes on the situation In a raft of major financial announcements on Friday, Mr Kwarteng brought forward the planned cut to the basic rate of income tax to 19p in the pound a year early to April and reduced stamp duty for homebuyers. He argued tax cuts are 'central to solving the riddle of growth' as he confirmed plans to axe the cap on bankers' bonuses while adding restrictions to the welfare system. But his plans have been met with criticism. The super wealthy are 'laughing all the way to the actual bank', Scotland's First Minister has said. Liz Truss and Kwasi Kwarteng are two 'desperate gamblers chasing a losing run' with an economic plan rewarding the 'already wealthy', according to shadow chancellor Rachel Reeves. The Labour frontbencher took aim at the Prime Minister and Chancellor as she warned the Government has served up a 'menu without prices', and questioned what Mr Kwarteng has 'got to hide' by not allowing immediate independent forecasts of his plans. She said Mr Kwarteng's statement to the Commons had acted as a 'comprehensive demolition' of the Conservatives' record in power over the last 12 years. Ms Reeves told MPs: 'We have had six so-called plans for growth from the Conservatives since 2010 - here they are, a litany of failure every single one of them.' She said the Government lacked a credible plan to deliver growth, adding: 'The Prime Minister and Chancellor are like two desperate gamblers in a casino chasing a losing run. People have been making fun of the idea of 'trickle down economics' after the mini budget announcement 'The argument peddled by the Chancellor isn't a great new idea or a gamechanger, as the minister said, as much as they'd like us to think so. 'What this plan adds up to is to keep corporation tax where it is today, and take national insurance contributions back to where they were in March. Some new plan.' She added: 'It is all based on an outdated ideology that says if we simply reward those who are already wealthy, the whole of society will benefit. 'They have decided to replace levelling up with trickle down. 'As (US) president Biden said this week, he is sick and tired of trickle-down economics. And he is right to be. It is discredited, it is inadequate and it will not unleash the wave of investment that we need.' The Royal College of Nursing has described the mini-budget as one that gave 'billions to bankers and nothing to nurses'. General secretary and chief executive Pat Cullen said it was a clear sign that it was a Government 'with the wrong priorities'. 'Nursing will be dismayed by the decision to prioritise well-off bankers over NHS and social care staff, some of whom are using food banks and live on a financial knife-edge. 'Ministers have taken advantage of the good will of nursing staff for far too long and we're urging our members to vote in favour of strike action when our ballot opens on October 6.' Mr Kwarteng also revealed his estimate that the two-year energy bills bailout will cost around £60 billion over the first six months from October. Government borrowing will increase by £72 billion as a result of Chancellor Kwasi Kwarteng's mini-budget, according to Treasury documents. The Debt Management Office's net financing requirement has been revised upwards from £161.7 billion in April to £234.1 billion. It will be funded through additional gilt sales of £62.4 billion and net Treasury bill sales of £10 billion. All rights reserved for this news site (dailymail) and under his responsibility