Bankers bonuses still at heart of election campaigns
- Bankers bonuses set to soar despite outcry as Brown admits he failed to manage regulatory regime correctly.
City workers will be handed bonuses of around £6.8 billion this year with increases lined up for the next two years, according to the Centre for Economics and Business Research (CEBR).
The CEBR reckons that the average finance professional in the City will receive an average payout of around £70,000 meaning that the bonus pool will be £750million bigger than last year. In addition, the think tank forecasts that bonuses will soar even higher to £7.2 billion in 2011 and £7.7 billion in 2012.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more