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Despite being the first developed nation to enter the recession and the last to come out, the city has given a strong indication that the good times are coming back handing workers a £6.8 billion bonus pot. Taxpayers will also welcome those extra receipts through Gordon Brown's 50% income tax rate for those earning over £150,000. Bonuses have continued to rise since 2009/2010 in the face of a global financial downturn, falling to a low of £4 billion - this years tally is up £800 million according to the Centre for Economics and Business Research. £10 billion was sprayed around the square mile at the height of success in 2006/2007 - it was short lived as the credit crunch decimated the City's reputation as a safe, responsible place to do business. Sharing top spot Last month New York caught up with London to be named the joint-top global financial centre of the world. The capital's rating had fallen in the last six months as a place to do business. "Damage had been done" The City of London Corporation's policy chairman Stuart Fraser said. Threats of tough banking regulations and tax issues has seen trade flow to the East, with Hong Kong, Singapore, and Shanghai all seen as improving places to do business - a more "positive" statement from the political parties was needed, according to the Chairman. The City's slide (New York had been second) should be a "wake up call" Fraser warned. Adding: "..our standing as a world-leading global financial centre should not be taken for granted," he said. "Damage has been done to the Square Mile's perceived competitiveness relative to New York, but this is not irreversible." The 2010/2011 figures show that the bonus culture is as strong as ever and in the face of public anger creeping back to pre recession levels.
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