As the Bank of England warns the nation to brace itself for a slowdown in growth, a rise in the cost of living and stagnation in the property market, City workers are set to receive a massive £7 billion in bonuses.
It seems that the scale of the bonuses has been largely unaffected by the global credit crunch, with figures achieving the second best on record.
London’s gloomy estate agents were suddenly smiling again, predicting that this years forecast of £2 billion being spent on property in the capital, is likely to be at least doubled. Last year saw an incredible £5 billion invested in the London property market from the City workers.
Shops and restaurants in London are set to benefit also, although the general message is that these businesses are enjoying better figures than expected already for this year.
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