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| Soaring City bonuses 'hit £8.8bn' | Soaring City bonuses 'hit £8.8bn' |
| (4 days later) | |
| More than 4,000 City workers will take home £1m bonuses this year as the stock market has soared and takeover deals have surged, a study suggests. | More than 4,000 City workers will take home £1m bonuses this year as the stock market has soared and takeover deals have surged, a study suggests. |
| According to the Centre for Economics and Business Research (CEBR), the value of bonuses paid to London's financial elite will rise 18% to £8.8bn. | According to the Centre for Economics and Business Research (CEBR), the value of bonuses paid to London's financial elite will rise 18% to £8.8bn. |
| High-profile takeovers of British firms have helped push the FTSE-100 index to a five and a half year high. | High-profile takeovers of British firms have helped push the FTSE-100 index to a five and a half year high. |
| But the bonus culture is seen as one factor pushing up London house prices. | But the bonus culture is seen as one factor pushing up London house prices. |
| According to Halifax, prices in the capital rose 1.2% in the last quarter and are 8.5% higher than a year ago. | According to Halifax, prices in the capital rose 1.2% in the last quarter and are 8.5% higher than a year ago. |
| Strong incentives | Strong incentives |
| In its latest quarterly business forecast, the CEBR said it expected about 4,200 staff at banks, law firms and other professional services businesses to pocket a seven-figure bonus this year. | In its latest quarterly business forecast, the CEBR said it expected about 4,200 staff at banks, law firms and other professional services businesses to pocket a seven-figure bonus this year. |
| Continuing strong merger and acquisition activity in 2006 is driving the stock market higher Jonathan Said, CEBR | Continuing strong merger and acquisition activity in 2006 is driving the stock market higher Jonathan Said, CEBR |
| The number of people working in the financial services sector in London is believed to be at a record high of about 335,000. | The number of people working in the financial services sector in London is believed to be at a record high of about 335,000. |
| The CEBR said the influence of aggressive private equity businesses and hedge funds - which have been behind much of the takeover activity in the market - was being felt in terms of remuneration. | The CEBR said the influence of aggressive private equity businesses and hedge funds - which have been behind much of the takeover activity in the market - was being felt in terms of remuneration. |
| "Continuing strong merger and acquisition activity in 2006 - which is highly bonus-oriented - is driving corporate earnings up and the stock market higher," said Jonathan Said, CEBR chief economist. | "Continuing strong merger and acquisition activity in 2006 - which is highly bonus-oriented - is driving corporate earnings up and the stock market higher," said Jonathan Said, CEBR chief economist. |
| "Looking forward, City bonuses are likely to trend upwards - though at a slower growth rate - as an increasing number of highly incentivised private equity firms based in London continue to squeeze company costs and drive corporate profits." | "Looking forward, City bonuses are likely to trend upwards - though at a slower growth rate - as an increasing number of highly incentivised private equity firms based in London continue to squeeze company costs and drive corporate profits." |