Britain's new finance minister Kwasi Kwarteng could next week axe a bankers' bonus cap, in place since 2014 and a legacy of EU membership, the Financial Times reported Thursday.
The Treasury declined to comment on the report when approached by AFP, and would not be drawn on media speculation that Kwarteng would also hold a "mini budget" on September 23.
In one of her first moves, Britain's new Prime Minister Liz Truss last week appointed Kwarteng as chancellor of the exchequer.
With Britain facing a cost-of-living crisis amid sky-high inflation, one trade union leader said Kwarteng should focus on raising everyone's salary rather than boosting pay of the highest earners working in the "City", London's financial sector.
"While City executives rake it in, millions are struggling to keep their heads above water," said Frances O'Grady, head of British union umbrella group TUC, in response to the FT report.
"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 everyone -- not boosting bumper bonuses for those at the top," she added.
Following his appointment, Kwarteng vowed that financial sector reform would play an "integral" part in his role as chancellor.
Truss took office on September 6, two days before the death of Queen Elizabeth II, after her election by members of the ruling Conservative party on a tax-cutting platform.
She replaced scandal-hit Boris Johnson and immediately announced a two-year domestic energy price freeze aimed at easing the soaring cost of living.