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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Friday 23rd May 2008
In a move which probably makes sense but may well be a little late in the making, the Bank of England has announced plans to look into the way the finance sector rewards employees and the potential brain drain from other areas of the economy as people chase the big bonuses. While Mervyn King has not actually criticised the bonus system in places such as the City, there are concerns that temptation may see some people make decisions which they might not ordinarily have made.
Even though this move has been announced by the Bank of England there are suspicions in the market place that this may have been prompted by the government. It is true to say that the size of some finance sector bonuses can impact upon the economy and lead to certain areas being starved of new talent, but how else can the sector reward the cream of the talent in the UK?
There are murmurings in the City that many now feel that they are an easy target for the government of the UK. To many people they represent the middle to high classes, they work hard and the play hard but they do operate in some of the most stressful markets in the world. |
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