How big is bonuses and increases in size to bankers: Evidence from the united kingdom
The sheer scale of the income gains that the best-paid workers, and particularly financial sector workers, experienced during the period of the last decade is nearly unprecedented. Figure 1 shows the full total gains (as a share of the aggregate wage bill) likely to the very best groups within the wage distribution in the united kingdom between 1998 and 2008.
Workers in the very best 10% gained a supplementary three percentage points of the wage bill over this era. Nearly all these gains visited the most notable 1% of workers, and finance workers accounted for nearly three quarters of the gains. As opposed to previous decades, this expansion of inequality towards the top of the distribution had not been matched by rising inequality at lower levels.