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Friday 17 December 2010

Treasury officials' bonuses

There we were, wondering whether the Treasury would introduce restrictions on bankers’ bonuses, when all along they were tucking something away for themselves.

Figures from the Treasury show that 736 bonuses of some sort were awarded in 2006/07 – totalling £1.1m.

Amounts then rose to 2008/09 – the year in which the recession kicked in – when 990 bonuses totalling almost £1.4m were handed out.

In 2009/10, a higher number of bonuses, 1,273, were awarded albeit with a lower overall total of around £1.3m.

In total over the four year period up to 2009/10, over £5m was handed to Treasury officials.

You might think that when the overall annual cash figures are divided among the number of bonuses given out, that each bonus doesn’t seem that big.

Take 2008/09 for example… £1.4m / 990 bonuses = £1,414 per bonus.

But the truth is that bonuses varied in size and the top bonuses in each year ranged between £15,000 and £22,000 – not far off the average basic annual salary in the UK.

The amounts are not like the sky-high bonuses bankers get, but some of these officials may well bear responsibility for the regulatory system which contributed to the banking collapse.

Interesting to see whether Osborne has taken out his axe over the issue by the time the 2010/11 figures come out.

38 comments:

Anonymous said...

We're all in this together.

Happily the people at the top of the treasury with their bonuses the size of an average salary in the UK, and 3-4 times what an OAP gets to live on for the year, won't allow them to fly to the Bahamas for Christmas this weekend the airports are closed.

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