by Jerome a Paris
Tue Aug 28th, 2007 at 05:29:58 AM EST
City bonuses have increased by 30% to a record £14bn this year. The rise is twice as big as in 2006 and likely to exacerbate the widening gap between executive and shop-floor pay. The bonuses come against a background of record debt, rising bankruptcies and home repossessions.
The majority of the £14.1bn will have been earned by a few at the top of the City tree pulling in hundreds of thousands or even millions in spring bonuses at the end of a year which saw growth in the City account for more than half of all growth in the economy.
Time to crank up our mentions of the Anglo Disease (see an intro here). I expect the concept could resonate in the near future...