Shock Horror about City pay

More bankers were paid in excess of €1m in Britain than in any other EU nation, according to European Banking Authority

Given that the vast majority of the European Union\’s wholesale financial markets are in Britain this shouldn\’t really come as much of a surprise. It\’s like saying that the majority of high paid Parma ham producers are in Italy, high paid champagne people are in France and highly paid bouzouki makers in Greece. And?

People have heard of comparative advantage, have they?

3 thoughts on “Shock Horror about City pay”

  1. And 45% of each of those salaries is paid in tax to HMRC. And national insurance too. And they spend a lot of what’s left over in the UK,

  2. Darn, got that wrong again. British banking is the worst in the world. But the gap between its banking and the country with the second-worst banking is smaller than the gap between Britain and other countries for all other industries. Thus Britain does banking.

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