Finance sector workers are being paid billions less in bonuses than they were before the 2008 financial crisis, figures by the Office for National Statistics showed this morning.
Total bonus payments in finance and insurance reached £13.6bn in the year to April, £5bn less than their pre-recession peak. Economy wide bonuses are just 0.1 per cent below their pre-crisis peak at £42.4bn, with other industries gaining ground on the City.
Finance workers still take the lion’s share of bonuses – 20 per cent of the UK total. However, this is down from a 2006-7 peak 34 per cent. Employees in finance can expect an average annual bonus of £13,300. It is followed by mining and quarrying at £6,6000 and information and communication at £4,300.