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Bankers attacked by New Economics Foundation

The New Economics Foundation has certainly set the cat amongst the pigeons today with the publication of a report which suggests that hospital cleaners are of more value to UK society than UK bankers. This is an interesting review of the value for money obtained in various areas of the UK employment market with the report suggesting that for every one pound cleaners are paid they create £10 of value for the economy. So what is the situation for bankers?

While it is slightly biased to use the current situation as a basis for calculating the value of bankers to society, the reports suggest that for every one pound earned, bankers in the UK are currently destroying seven pounds of value in society. There is also a suggestion that senior advertising executives create more stress than they resolve and potentially encourage over consumption of certain goods and products in the UK.

There are other targets within the report such as tax accountants who are blamed for potentially diverting hundreds of millions of pounds from the UK government's coffers via various tax reduction schemes. Others who have received a more positive slant in the report include childminders and waste recyclers who are said to give more back to society in monetary terms than they are actually paid.

While this is an interesting report and a different way to look at the value obtained from certain areas of the UK economy, it is perhaps unfair to consider areas such as banking during the current economic climate?

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