By Luke James in Britain:
Bankers get billions as public sector ails
Tuesday 20 August 2013
Finance and insurance sector fat cats took home an extra £11,900 on average between May 2012 and April 2013 as bonuses soared by 4 per cent.
Tory Chancellor George Osborne helped seal the increase by warning bosses to defer bonus payments until after he’d slashed the top rate of tax from 50 per cent to 45.
She hit out at Mr Osborne for showering bosses “with an extra gift worth tens of millions of pounds, courtesy of the taxpayer” by giving advanced notice of his tax cut.
And Ms O’Grady added: “The shape of Britain’s recovery looks increasingly like one where the same old elites hog the gains, while ordinary workers are expected to take declining living standards on the chin.”
The average bonus for private-sector workers stands at £1,700 but the ONS stressed that it makes up a higher proportion of employees’ total pay.
- Fatcats delay bonuses worth £1.7bn to take advantage of tax cut for super-rich – costing taxpayers £85m (mirror.co.uk)
- Tax payers lose out on millions as bonuses delayed until 50p tax rate reduced (express.co.uk)
- Bankers cash in after bonuses are held back to take advantage of George Osborne’s cut in top rate of tax (dailyrecord.co.uk)
- Bankers grab £65million delaying bonuses to beat tax: Payments doubled in April (dailymail.co.uk)
- UK banks defer bonuses to beat top tax rate (theguardian.com)
- Bonuses up £700m as bankers avoid top taxe rate (standard.co.uk)