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Mervyn King, bank reform and £6bn bonuses

This week has seen Mervyn King give a Churchillian speech to the bankers in which he stated " never in the field of human endeavour has so much money been owed by so few to so many. And, one might add, so far with little real reform. "
He is still very concerned about the lack of banking reform one year on from the global economic crash.

Politicians still seem to be tip-toeing around the serious issues of the deep set, systemic problems within the banking system and hiding their heads in the sand, in the hope it might all fade away with time!

It appears that the Royal Bank of Scotland ( yes, the one bailed out by public money to the tune of £20 billion ) has already amassed a £2 billion pay and bonuses bill for it's 20,000 investment bankers with a possibility of that bill doubling by the end of the year.

Bonuses are set to rise by 50% according to the CEBR ( Centre for Economic and Business Research ) and bonuses alone will top the £6 billion mark this year. After a year of reducing staff, cutting overheads and consolidating their financial bases with the aid of the taxpayer, banks are once again profitable and back to their old ways.

The last year has seen an astronomical input of £1.3 trillion ( £1,300,000,000,000  or more than a billion billion pounds! ) from the taxpayer to rescue the UK financial system.

Tory peer Lord Griffiths has defenced massive bonuses within the financial services industry in saying that " Bumper payouts to bankers should be seen as part of a longer term investment in London's economy ".  He said that the British people needed to " Tolerate the inequality as a way to achieve greater prosperity for all ".