British banker bonuses rise at double the rate of everyone else


Bonuses for Britain's bankers and insurance workers rose at double the pace of those for the total workforce last year, despite politicians' and regulators' attempts to clamp down on bumper payouts at financial firms.

Reuters reports that employees in the finance and insurance industry were on average paid a bonus of 13,300 pounds in the year to April, up 5.5% on a year earlier, according to data released by the Office of National Statistics (ONS) on Friday.

Across the whole of the UK workforce, the average bonus per employee was just over 1,500 pounds, 2.6 percent higher than the previous year.

Politicians have been trying to crack down on generous bonuses in financial services following the credit crunch. Many blame such incentives for encouraging excessive risk-taking, which destabilised banks that then needed to be bailed out.

The Bank of England last month tightened measures around bonuses, increasing the number of years in which payouts can be clawed back to seven.

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UK bankers' bonuses rise twice as fast as rest of workforce

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