Bankers in the spotlight again!

When the Prime Minister states that pay restraint placed on the Banking sector is working be aware the true situation!

The Prime Minister’s remarks reflect research done by the Centre for Economics and Business Research (CEBR), which tracks remuneration for around 300,000 financial services workers in London using Office for National Statistics data.

The consultancy says bonuses hit an all-time high of £11.5bn in 2007/08, while in the last financial year, payouts totalled £6.7bn.

That is indeed “down by about £5bn”, as Mr Cameron said, and CEBR expects bonuses to fall again to £4.1bn by the end of the current financial year.

But the real situation doesn't end with that statement. Those that know about how the Banking sector pays say that research also suggests that basic pay has risen as bonuses have fallen.

Last year CEBR found that bonus payments in the city had fallen by 8 per cent since the year before – but average regular salaries rose by 7 per cent in the same period!

So do not be conned that the Government has found the solution to the 'fat cat' Bankers- It seems that they have found away around the spotlight!