Unequal wages

 Banking and insurance industries windfalls accounted for 36 per cent of the £37 billion of bonuses across the economy, the ONS revealed, despite just 4 per cent of total employees working in the finance and insurance industry. Workers in the banking and insurance industries pocketed average bonuses of £12,000 in the last financial year dwarfing payouts in the wider UK economy, where bonuses averaged £1,400. (although we should realise that averages does not mean ordinary bank workers achieved such high bonuses which were reserved for the City financiers)

Unison general secretary Dave Prentis said: “It is a disgrace that the lure of big bonuses fuelled the recession and yet today’s figures show finance workers still bringing home more in bonuses than many public service workers get paid in a year. The pay freeze is having a devastating impact on the families of nurses, home care workers, paramedics, dinner ladies and millions more public service workers. At the other end of the spectrum the government is happy to sit back and let the bonus culture go on. It is time to tackle this divided Britain and put an end to this damaging pay freeze.”