Bankers pay flourishes in recession
Bankers in the City of London have today been criticised with the revelation that pay packets for the current year increased by 6% to an average of £53,223. At a time when UK taxpayers have literally "loaned" individual banks and the banking system as a whole, hundreds of billions of pounds, it seems that taxpayers are yet again being short changed and the bankers of the UK are flourishing again.
Despite talk of a significant change in the UK banking system, banking remuneration and banking bonuses it looks as though it is business as usual for the UK financial sector. This revelation, coming only hours after the Chancellor Alistair Darling suggested he would take personal action against the banking industry, is a further embarrassment for the UK government which "missed a trick" by failing to pin down UK banks to legally binding contracts in exchange for the billions upon billions of pounds of UK taxpayer funding.
Despite the continued claim that the UK government will in some way try to block large bonuses and large remuneration packages in the city, these words have never been more hollow than today. The banking industry led the UK economy down and despite ongoing criticism of the sector, there is no doubt that the banking industry will lead the UK economy out of recession in due course.
Share this..
Related stories
Shopping centre landlords looking to cut costs
In a move which is sure to benefit the general retail sector it has been announced that a number of shopping centre landlords across the UK are looking to reduce their own costs and pass on any potential savings to hard-hit tenants. Land Securities is one prominent shopping centre landlord that has indicated a willingness to reduce service charges by up to 20% and pass on the vast majority of thes...
Read MoreEurozone economy appears to be stabilising
Today's European consumer price index figure gave a welcome uplift to analysts around the world with the news that prices fell by just 0.2% last month against a 0.7% fall the previous month and forecasts of a 0.3% fall last month. It does appear that slowly but surely we are seeing signs of improvement in the European economy, a feeling which was confirmed by a recovery in the French and German ec...
Read MoreChristmas set to boost UK economy
The festive season could help to shore up the UK economy this year after a rocky few months, it has been claimed.According to Richard Dodd, head of media and campaigns for the British Retail Consortium (BRC), Christmas is arriving at just the right time to help perk up the slowing economy and boost retailers so as to help the overall economy.It has been suggested that this year Christmas will be w...
Read MoreReport: Education not preventing minority poverty
Education is not helping solve the problem of poverty among Britain's ethnic minorities, a report suggests.Today's research from the Joseph Rowntree Foundation (JRF) thinktank claims that while 20 per cent of the UK's white population live in poverty, the equivalent figure for ethnic minorities is double that at 40 per cent.Bangladeshi and Pakistani minorities are especially unlikely to be able to...
Read MoreHome Repossessions Soar 17% In Last 12 Months
In a move which is very similar to that seen prior to the crash in US sub-prime mortgage market, it has been announced that year on year home repossessions have risen by 17%. This is based upon the number of applications made to the courts by mortgage lenders and it looks set to get worse before it gets better. However, there are many more worrying tones under the surface which will have the Tre...
Read More