Barclays has published a table on the remuneration of its employees in its accounts this year. This is it (page 96):
I've reworked that data like this:
(click on image to enlarge)
What does this say? Well, half of Barclays employee's earn no more than UK median pay despite the prosperity of this sector.
And just 2.6% earn more than approximately 10 times UK median pay (at which point I and the TUC have suggested tax relief on pay should end).
We need to remember that when we talk about bankers. And remember what Occupy had to say only in this case it's not the 1% who are the problem, maybe it's the 2.6% who are the problem in this prosperous sector.
What is clear though is that even in Barclays a tiny elite are living off the rest. As ever.
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Yes in this case the 2.6% are members of the “rentier” class. However the real power and wealth extraction resides with the <0.3%.
If those at the top of that table limited themselves to £500,000 pa (20 times the median wage) the rest could get an extra £10,250 pa each: which they would spend into the economy. It would add about £1.4 billion to demand if it was all spent. And that is just one bank. Am I looking at a magic money tree?
See my calculation on the blog
Thanks for making me think about thios