Banking bonuses set to hit £6 billion this year
It is forecast that banking bonuses in the UK will hit £6 billion this year which is a 50% increase on the 2008 figure despite the fact that billions upon billions of pounds of UK taxpayers money has been used to bail out the sector. Indeed it is forecast that bonuses will rise for the next few years and peak at around £7.5 billion in 2012 much to the disgust of UK taxpayers and the UK government.
The situation is fast running out of control and the UK government has made a number of unsuccessful attempts to rein in potential bonus payments this year. There has been talk of a windfall taxes for the UK banking sector and actions from the regulator for those who are reckless with their bonus arrangements, although up until now the banking industry has taken little notice. Historically the UK government has been able to at least offer a fight against the growing banking industry but of late it seems as though the banking sector has taken control of the UK economy altogether.
Even though the expected £6 billion bonus payments this year are well below the £10.2 billion of 2007, at the peak of the market, this is little consolation to UK taxpayers who are still struggling to meet their everyday bills.
Share this..
Related stories
Changing attitudes lead to increase in bankruptcy
Changing attitudes to bankruptcy mean that more people will choose to take out an IVA or go bankrupt, according to an industry expert.Paul White of Belgravia Insurance Consultants said bankruptcy now held less of a stigma and that the process of becoming insolvent had become "easier" in recent years."We're moving towards a more US approach where people say: 'Well that's unlucky' and give you anoth...
Read MoreShopping 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 MoreUK workers pay for economic downturn with their jobs
Despite the fact that the UK, and worldwide, economic downturn was primarily linked to the credit crunch and the worldwide banking sector, UK workers, especially those in the banking sector, are paying for the downturn with their jobs. We have seen tens of thousands of job losses across the board with the likes of Lloyds bank and Royal Bank of Scotland's leading the way, under the watchful eye of...
Read MoreHouse prices down 0.9%
UK house prices are now almost one per cent less than they were a year ago, following a seventh consecutive monthly decline.Data from house price information group Hometrack shows that the average price of a home in England and Wales fell by 0.6 per cent during April. This brought the average value of a home to £173,100 - 0.9 per cent less than it would have been worth in April 2007.Further evide...
Read MoreUK services sector under serious pressure
Over the last 30 years the UK has moved from a manufacturing based economy to a services based economy with literally millions of jobs created in the services industry. However, it has been revealed that for the ninth month in a row there have been significant job losses in the services sector and there are concerns that this could continue for some time to come. While there is one crumb of hope,...
Read More