The Guardian is reporting that City bonuses have increased by 30% to a record £14 billion this year. The rise is twice as big as in 2006 and likely to exacerbate the widening gap between executive and shop-floor pay. The majority of the £14.1 billion will have been earned by a few at the top of the City tree pulling in hundreds of thousands or even millions in spring bonuses at the end of a year .
The bonuses have fuelled unprecedented demand for luxury goods and high-end property. City buyers were behind a 20% surge in farmland prices last year as the high-rollers moved to buy up a chunk of the countryside, often surrounding a weekend retreat. The waiting list for a new Rolls-Royce is now five years and there is a shortage of crew members for superyachts. Worldwide, 688 yachts measuring more than 80ft were launched and there will be 250 more this year.
BSkyB chief executive James Murdoch has pocketed a cash bonus worth almost £4 million on top of the near-£3 million remuneration package Mr Murdoch received for the year to the end of June.
The bonuses have fuelled unprecedented demand for luxury goods and high-end property. City buyers were behind a 20% surge in farmland prices last year as the high-rollers moved to buy up a chunk of the countryside, often surrounding a weekend retreat. The waiting list for a new Rolls-Royce is now five years and there is a shortage of crew members for superyachts. Worldwide, 688 yachts measuring more than 80ft were launched and there will be 250 more this year.
BSkyB chief executive James Murdoch has pocketed a cash bonus worth almost £4 million on top of the near-£3 million remuneration package Mr Murdoch received for the year to the end of June.
Elsewhere , Office for National Statistics figures released in June showed Britons were saving proportionately less of their income than at any time for 50 years.
A quarter of people fail to save any money at all , and a quarter of those said they had too many debts to pay .
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