The practical difference between an “LTIP” award and an annual bonus has eroded considerably. To get the full benefit from an annual bonus a banker would have to wait 3.5 years. For an LTIP the waiting period is 5 years.
Is remuneration really tracking performance at Standard Chartered? Let’s see what shareholders say, but there is room for scepticism.
While households were big beneficiaries, lending to small firms actually fell by £1.3bn last year.
According to the International Monetary Fund’s latest forecasts, the great overtake has, apparently, been put on hold.
Bonuses for investment bankers were 17% lower. But the revenues at the division fell by 24%. And that helped compensation for staff in the division as a proportion of revenue rise from 31% to 35%.
On a rough estimate, the UK needs an additional 250,000 new homes each year to meet rising demand, as the population grows and more people choose to live alone. That works out as around 62,500 a quarter. Yet we’re still well short of that target.
London, which accounted for 22 per cent of output in 2008, contributed just 1 per cent of the total decline of GVA over the four years to 2012. Yorkshire & Humber, by contrast, accounted for just 7 per cent of output in 2008, but contributed 16 per cent to the overall decline.
If George Osborne had put the Bank of England in charge of compiling the Treasury’s output gap forecasts, he might have been going in to the next election promising even bigger spending cuts.
Around half of businesses understood Forward Guidance. But only 23% of households apparently took on board the Bank’s central message that rates would remain low for longer.
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