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City bankers to receive £7bn bonuses this year

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by Kay Mitchell

Leading think tank, the Centre for Economics and Business Research (CEBR), has unveiled City bankers will be in receipt of a bonus pot of £7.3 billion this year.

The total is 4% lower than last year’s total and considerably lower than the £11 billion paid out at the height of the banking boom in 2007.

However, the new super-tax means that the Treasury will take a bigger slice of the bonus pool than City bankers, according to the CEBR.

The Centre said bankers are estimated to take home around £3.8 billion, with the Treasury taking £4.1 billion.

According to Benjamin Williams of the CEBR, “A whopping £7 billion bonus payout will be easier to stomach if the lion’s share goes to the nation.”

However, the CEBR has highlighted that bonuses will start to rise again and could hit £10 billion by 2014.

The subject of bonuses has been a major topic throughout the world for some time now.

Bonuses have sparked public outrage since many argue that excessive bankers’ bonuses reward the risk-taking culture that led to the financial crisis.

However, the British Bankers Association (BBA) recently warned that further taxes could damage London’s reputation as a global financial centre.

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Story link: City bankers to receive £7bn bonuses this year

News posted: October 5, 2010

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1 Comment

  1. That 4.1 billion should go straight to the defence budget to give our brave forces the equipment they need to remain the best armed forces in the world, including the two aircraft carriers

    Comment by mark — October 5, 2010 @ 4:19 pm

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