The banking bonus issue is about to kick off again. Britain's big five banks want to give multi-million pound bonuses to their chief executives, despite the fact that the UK banking system is barely profitable.
The story was the top article on the Financial Times website. The piece contained a large number of sympathetic quotes about the plight of Britain's best paid public sector workers.
One senior banker said "We don’t want to see a repeat of last year when no one felt able to take their bonuses”. Actually, I think we do, Mr senior banker. The vast majority of people in Britain find it hard to understand why their state-owned banks, which were bailed out with their money, should be paying bonuses. Other public sector workers have to put up with minimal pay increases, state-owned bankers should do likewise.
Another banker argued "Now is a good time to ensure that top executives are appropriately remunerated so that they are not lured abroad or into hedge funds." This tired old argument is wheeled out every year. If they feel underpaid,they should resign from the public sector and take a risk working in the private sector.