Further proof that the Bank of England remains
out of touch was provided by the news that Staff bonus payments have
totalled £25m in the 5 years since the
credit crunch began.
Despite failing to spot credit crunch and rate
fixing scandals thousands of Bank executives have received
bonuses of up to £30,000 in performance related bonuses.
The timing of this announcement
could hardly be worse coming days after Governor Mervyn King warned a
recovery for the economy is still years away and slashed its growth forecast
for the year to zero.
In response to criticism that the Bankers were being rewarded for failure
a former Bank of England chief said “it should have done more when credit
crunch struck five years ago” demonstrating a flair for stating the obvious.
Figures released last week showed that
the level of payouts actually increased last year by £200,000 to £4.9million –
as Britain returned to recession.
It begs the question what would the
rewards have been for a competent handling of the situation?
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