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City bonuses could hit £7 billion this year!

In yet another blow for the UK government and the UK regulator it is forecast that the current calendar year will see city bonuses topping £7 billion at a time when unemployment in the UK has reached 2.5 million and many people are concerned about their job security. It is believed that last year was a "bumper" year in the city and by the time the bonus structure is confirmed there will be multibillion pound bonus payments leaving some of the largest city establishments.

It seems as though the city does not appreciate the depth of ill feeling against bankers and the financial sector from the UK public, regulators and government. This constant drip feed of record bonuses from the city is increasing the chances of a new banking tax being introduced on a global basis, such as the one suggested by the International Monetary Fund. This gung ho approach to bonuses and governments around the world could seriously backfire in the short, medium and longer term and lead to a massive change of the financial sector landscape.

When will the banking industry ever learn that more bonus payments at this stage of the economic cycle give more firepower to the government and those looking to reduce the power of the financial industry.

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