City bonuses are expected to top £7 billion in the coming calendar year. The news comes as a setback for the UK government, especially since the announcement comes at a time when unemployment in the country has clocked 2.5 million and job security is a matter of huge concern.
Riding on the trend of last year, by the time the bonus structure for this year is confirmed, multibillion pound bonus payments would have been released by some of the city’s largest establishments.
The prevailing feeling that has followed this news of bonus release is one of resentment stemming out of the belief that the city was not in tune with the bitterness that the UK public, regulators and government harboured against the bankers and the financial sector. Also, the regular bonus feed is expected to increase the chances of a new banking tax being initiated on a global basis. Apprehensions are also rife that such generous bonus packages could alter the landscape of the financial sector and in turn hurt governments around the world in the short, medium and longer term.
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