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Will the London financial sector ever learn?

Just hours after a report by Deloitte LLP revealed that a number of top executives at FTSE 350 companies in the UK have seen their remuneration frozen for a further year it was revealed that the average city worker at assistant vice president level saw remuneration levels increase by 12% to over £70,000 a year. An annual increase of 12% set against the current economic environment, inflation and the need to rein in the UK financial sector has not gone down well.

While, as we have mentioned on numerous occasions, London is effectively a micro-economy within the UK it does have a major impact on other areas of the country. Remuneration increases in London will prompt those working in Manchester, Glasgow, Birmingham, etc. to push for their own remuneration increases compared to the rates in London. As a consequence, the financial sector is again in focus and attracting unwelcome attention and criticism at a time when the government has more important issues to hand.

Despite attempts by various governments, public bodies and other associations around the UK it seems that the UK financial sector is literally a law unto itself in more ways than one. Whether this will ever change is debatable because of the power and influence this particular sector has over the UK economy.

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