Labour’s u-turn on bankers' bonuses means they are as “out of touch with public opinion” as the Conservatives, the SNP’s Westminster leader has claimed.

The comment came during Prime Minister’s Question, with Rishi Sunak saying he too was “genuinely surprised” by the opposition's change in position.

READ MORE: Labour U-turn on scrapping banker's bonus cap

The cap was introduced in the wake of the 2008 financial crisis to limit the eye-watering annual payouts.

Kwasi Kwarteng, who was Liz Truss's chancellor, then announced plans to scrap the cap in his notorious mini-budget.

In an interview with the BBC on Tuesday, Ms Reeves, a former Bank of England economist, said while the policy was the right one when it was brought in, it had "gone now and we don’t have any intention of bringing that back.”

However, she has long been a critic of the removal of the cap and just three months ago said it "tells you everything you need to know" about the Tories. 

During PMQs, Mr Flynn said getting Labour to agree to a “bleak future” was the “great achievement” of the UK Government.

He 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.”

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The SNP Westminster leader told the Commons: “Scrapping the cap on banker’s bonuses was only made possible due to Brexit, so what the Westminster parties are now telling the public is that it is okay for bankers to have unlimited Brexit bonuses, but for the public sitting at home struggling to feed their families they have to suck up and deal with the additional food price costs as a result of Brexit red tape.

“That is the cost and that is the reality of broke Brexit Britain. Isn’t it the case that the great achievement of this Tory Government is getting the Labour party to agree to that bleak future?”

Mr Sunak replied: “We are actually delivering benefits for people across Scotland, not least in new free trade deals that are opening up markets for Scottish exporters, freeports that are attracting jobs and investments, the Brexit pubs guarantee cutting the cost of a pint in Scottish pubs.

“But when he talks about the cost of living, the thing that he could do most to help is make sure that Scotland isn’t the highest taxed part of the United Kingdom. It is not just for high earners, everybody earning £28,500 or more is paying more tax in Scotland than they would in England thanks to the SNP.”

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In his questions to the Prime Minister, Sir Keir Starmer raised the “plight” of former Tory minister George Freeman, who revealed last week that he quit government because he could not afford his mortgage payments.

“A Tory MP counting the cost of Tory chaos. After 14 years, have we finally discovered what they meant when they said ‘we’re all in this together’?” he asked.

Mr Sunak insisted “millions of mortgage holders across the country” were benefiting from the “practical support” being offered by the government.

Sir Ker then raised the case of an Iceland employee who is struggling to pay his mortgage.

“He told me that his mortgage is going up by a staggering £1,000 a month, Prime Minister. He doesn’t want other averages, other people, other stories, that’s what’s happening to him.

“If [George Freeman] on a £120,000 can’t afford this Tory Government, how on earth can people like Phil?”

Mr Sunak replied: “Thanks to this Government, Phil and millions of other workers, not just at Iceland but across the country, are benefitting this month in their pay packet for a tax cut worth £100s for someone on an average salary.”