A staggering £13.2bn has been paid out in bonuses to City workers so far this year, down just 1% on the same stage last year, suggesting that the credit crunch has yet to hit the pockets of bankers.
The figures will infuriate the general public, currently caught in the aftermath of the diabolical greed and extraordinary bad management that has all but collapsed the financial market.
GMB general secretary Paul Kenny speaks for us all when he says that the government should stand up to the financial industry which has received help from the Bank of England in the wake of the credit crunch.
“There can no longer be any doubt that the multimillionaire elite who run the City and the financial sector are out of control and divorced from economic realities.” said Kenny.
He has also called for an immediate enquiry to substantiate whether the recent £50bn bailout to banks by the taxpayer is being used to fund bonuses.
The Bank of England and CBI bosses have condemned the bonus culture in the financial world, considering it to be the main cause for the financial problems now facing world banks.
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