Time for bankers to be credit crunched

Britain is very far from out of the recessionary woods yet.

The London stock market fell three per cent yesterday, as investors took fright at the discovery that a giant state-owned property development in Dubai cannot pay its debts.

Yet while the credit crunch is not yet over, the bankers who caused all the trouble are doing fine. 

The City

Unfair: While we're not out of the recession yet, bankers are doing fine

Now a review by Sir David Walker, disclosing that well over 1,000 City bankers are on more than £1 million a year, recommends that firms disclose how many of their employees fall into this super-salaried category.

Some think that the names of the members of this £1million club should be published as well.

The Mail is not sure that would be productive. We do believe, however, that those executives earning huge salaries in the banks owned by the state should have their incomes revealed.

But the bigger question is just how much longer bankers can justify earning such hugely disproportionate salaries.

The collapse of Western economies has exposed their hubristic claims, breeding resentment in the rest of society.

Instead of naming and shaming these overpaid hustlers, banks should go one better and actually start to reduce their salaries instead.

This would also encourage some of Britain's best and brightest to take worthwhile jobs in science or industry, rather than heading for the City on the easy money trail.

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