UK bankers' bonuses enough to make London a living wage city, claims Green
Published by Max Salsbury for 24dash.com in Local Government and also in Finance
The combined million euro-plus bonuses received by 2,500 UK bankers would be enough to pay 750,000 low paid Londoners the living wage, a new report has revealed.
In a publication attacking Mayor of London Boris Johnson's "one-sided lobbying" for the banking sector, Green Party London Assembly member Jenny Jones claims that:
• On the three occasions when Johnson has lobbied the European Commission, two were on behalf of hedge funds and other financial markets companies.
• Documents reveal the Mayor works closely with City figures, including his own advisors, and uses their facts and arguments in his own letters and press releases.
• The negative impacts of the banks, such as mis-selling, tax avoidance, not lending to small businesses and economic instability are ignored by the Mayor.
• There are many contrary views on the sector and how it could benefit London from academics, think tanks and campaigners that the Mayor seems to have ignored.
The living wage is calculated as the minimum rate needed to sustain a basic but acceptable standard of living. It is set independently and updated annually. It is currently set at £8.55p/h in London and at £7.45p/h across the rest of the country.
Jones said: “My report shows that Boris really is the bankers’ Mayor, lobbying on their behalf in Westminster and Brussels while using their facts and arguments. He wants banks to be left to make obscene profits from all of us, and to pay whatever bonuses they like, so long as they locate in London and donate a little to charity.
“London should be the global hub of high quality financial deals, not an anything-goes casino. We need banks and credit unions that spread prosperity around the city, instead of driving up appalling levels of inequality.
“I hope the Mayor will examine the many ideas for radical reform in my report, and start to champion the interests of all London’s residents and businesses.”