City bonuses 'rise by 30%'
28 August 2007 14:10
Bonuses for those working in the City of London increased by nearly a third, according to new figures.Data from the Office for National Statistics (ONS) indicates that the amount given as bonuses to those working in the City jumped by twice as much as in 2006, reaching £14 billion.
More than half of these bonuses were received by those working in financial services, the study reveals, which could be good news for those looking for banking operations jobs in London.
Additionally, reports from the ONS reveal that bonuses rose by 24 per cent across the economy to £24.6 billion - more than the budget for the UK Department of Transport.
However, recent research from the Centre for Economics and Business Research (CEBR) suggested that this trend could soon slow.
It claimed that bonus awards could decrease by as much as 15 per cent this year, due to the credit crunch caused by the US sub-prime lending crisis.
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