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Rise in City bonuses despite credit crunch

Published: Wednesday, 28 May 2008   Category: Life after graduation

City bonuses are on the rise despite the recent economic downturn, it has been revealed.

Office of National Statistics figures reveal total bonuses amounting to £12.6 billion were paid out among the UK's estimated 1.04 million finance workers in the first quarter of 2008, providing each with an average payout of £12,100.

Reports of City bonus increases are likely to offer encouragement to graduates contemplating entry into the financial sector.

Paul Kenny, general secretary of the GMB trade union, said there was no longer any doubt that the multi-millionaire elite within the financial sector were "out of control" and "divorced from economic realities facing their fellow citizens".

Mr Kenny said GMB wanted an urgent enquiry into whether any of the £50 billion paid by the taxpayer to help the banks through the credit crisis had been used to fund the bonuses.

GMB has almost 600,000 members working in many different parts of the economy.

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