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.
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