Saturday, Feb 23, 2008
What shall I buy with little lot!
Evening Standard: What crisis? City workers handed £7billion bonuses
Apologies if this has been previously published. Well, you can buy a few "Bargain Buckets" with that amount. Good on them, they have earned it. ;)
Posted by stevie dee @ 08:25 PM (144 views) Add Comment
1 Comment
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1. new user 2007 said...
Ignoring for a second that they would be stupid for putting their money into a falling market and so are likely to put much less of the same bonus into housing, the £7bn is still not that huge in itself (although there is admittedly an economic multiplier and the housing market rises and falls because of what is happening at the margin). Lets also assume for the sake of moving from reality, as is required by VIs, that banks still give mortgages at the rate they were to this group that is now in very risk jobs.
THEN we can do the potential impact of this privileged group. Our housing stock is apparently worth £4trn. I suspect half of that, regardless of whatever the figure really is, would be in the South east. So £7bn represents almost nothing as a %age of the housing stock for either GB or the South east. It is less than 0.5% of GDP.