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Banking - a warming calculation for a wintry day

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Eric The Viking

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On the Toady programme this morning, the banking industry group was bemoaning the possibility of 500,000 banking jobs being lost from the City over the 2011-2012 period. Also this morning Barclays said their bonuses had been 'dramatically' cut, such that the average payment is now £60,000 (that's the bonus, not salary).

I couldn't resist the obvious maths: the redundancies will be saving us (who fund them) around £30bn over two years, not even taking salaries saved into account.

I wonder if someone can thus persuade the Bank of England (who ought to know better) to stop 'quantitative easing' and thus impoverishing pensioners.

And, if we can only get those 'let go' to sweep the roads too, we'd have utility as well as economy.

E. (the radical)
 

MikeH

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I suspect that the bulk of the 500,000 will be well below the average bonus line and hence the saving will be far less. But I do like your POV!
 

newt

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I assume the treasury will lose the tax income from the 500000 bankers. Bonuses are taxable.
 
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