LONDON — Workers in the financial services and insurance sectors in the UK took home bonuses of close to £15,000 each on average during the last financial year, according to new data released by the Office for National Statistics on Tuesday.
“The financial and insurance activities industry paid the highest average bonus per employee, at slightly under £14,770,” the ONS said in its latest analysis of bonuses across the key sectors of work in the British economy.
Overall, financial services bonuses accounted for just under a third of all bonuses handed out to workers in the UK, with £15 billion paid to the sector.
All other sectors of the economy combined earned £31 billion in bonus payments.
Here’s the chart:
Bonuses not only far exceeded any other sector, but also increased at a rate of 9.7% from the previous year, almost double the average for the rest of the economy.
“Total bonus payments received across the whole economy of Great Britain during the financial year ending 2017 (April 2016 to March 2017) were £46.4 billion, the highest on record and an increase of 6.5% compared with the previous financial year, the previous highest bonus on record,” the ONS said.
“This is 11.3% higher than the peak in bonuses in the financial year ending 2008, which was prior to the economic downturn.”
Bankers bonuses have still not recovered from their pre-financial crisis peak, as lenders and other financial firms look to cut back on the excesses seen before the crash. On average, bonuses in the sector are now roughly £700 less than in 2008.
Only a handful of other industries — including textile manufacturing, public administration, and metal work — have not seen average bonuses increase since the crisis, as the chart below illustrates: