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FT.com / In depth - London drives rise in pay inequality
Bankers' bonuses and pay at the top end of the financial services industry have driven Britain's rising inequ ality over the past decade, new research from the London School of Economics shows.

City bankers have experienced near-unprecedented income growth over the past decade, with the highest-paid workers taking home nearly a third of the UK's total wage bill, according to the analysis from the Centre for Economic Performance at the LSE.

The study reveals that the self-styled "masters of the universe" were the big winners in the pay stakes under Labour, with the top 10 per cent of workers seeing their share of wages rise from 27 per cent to 30 per cent between 1998 and 2008.

Big bonuses paid to bankers and traders accounted for most of those gains, with financial services professionals taking home an extra £12bn per year by the end of the decade, according to the study.

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Mon Apr 19th, 2010 at 03:50:25 AM EST
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