While public services are cut, City bankers are setting even higher records for their bonuses.
Some 4,200 City executives will grab bonuses worth more than £1 million each this year, research by a leading think-tank says.
The new figures from the Centre for Economics and Business Research (CEBR) zero in on a narrower group than the fat cats across City businesses who will net £19-21 billion bonuses this year.
The latest research says the total finance companies’ bonus pool will be a staggering £8.8 billion this year shared, between the City’s 335,000 workers from bankers to traders.
On average, this means every worker will get about £26,300, equal to the average worker’s salary for a whole year.
In reality, the CEBR said some people will get tens of millions of pounds while many will get a paltry sum, or nothing at all.
The bonus pool of £8.8 billion would be enough money to build about 110 new NHS hospitals, or pay 440,000 newly qualified teachers’ salaries for a year.
The executives’ greed is stoking house price rises, particularly in London and the Home Counties.
They can afford to buy one, two or even more homes, often without taking out a mortgage, inflating the general price level.