City bonuses have risen TWICE as wages since 2008 - and are set to explode even more

Payouts to people in finance and insurance are now worth an average of around £20,000 a year - the highest level on record, according to a TUC analysis Municipal bonuses have risen twice as fast as average wages since 2008, according to a new analysis (

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Municipal bonuses have risen more than twice as fast as average wages since the 2008 financial crash, TUC analysis reveals.

Payouts to people working in finance and insurance now average around £20,000 a year, the highest level on record.

Those at the top of the industry receive far more than that, the TUC added.

Research shows that the UK has 3,500 millionaire bankers, almost three-quarters of the European total.

This comes as Chancellor Kwasi Kwarteng used his mini budget to confirm his intention to remove the cap on bonus payments.

According to the TUC, bonuses in the city have risen by 101% since 2008, compared to 39% for average wages across the workforce.

TUC General Secretary Frances O'Grady said: 'Anyone who works for a living deserves a decent living.

Frances O'Grady, general secretary of the British Trades Union Congress, says there is "no justification" for the disparity (

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"But ministers are keeping the wages of millions of key workers up, while lining the pockets of the city's financiers.

“There is simply no justification for lifting the cap on banker bonuses – especially when nurses and teaching assistants have to use food banks to get by.

“Instead of limiting the 1%, the government should raise wages across the economy. »

Sharon Graham, Secretary General...