“Unreconstructed old Lefty Naughtie was in full-onGuardianista mode this morning about bank bonuses, especially when interviewingDavid Cameron: he took particular delight in quoting the Centre For Economicsand Business Research report “revealing” that bank bonuses will amount to £7bnthis year (cue righteous shock/horror).
Somehow though he forgot to say that the figure is lowerthan last year: but what he also didn’t reveal is that the CEBR press releasealso stresses that more than half of the total figure will be going into theTreasury’s coffers. Yep, that’s right –through a combination of the 50% taxrate on incomes above £150,000 and the main rate of employer’s NICs at 12.8% ondiscretionary earnings, it’s actually the taxman who will take around £4.1bn ofthe total.
As the CEBR’s press release put it “Our research showsthat the public coffers stand to gain considerably more from city bonuses thancity workers themselves”. Funny how that bit got left out of the clip.”