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Wednesday, the Centre for Economics and Business Research said bonus payout in the UK financial sector is set to rise 50% from the previous year to GBP 6 billion for 2009. However, this was considerably lower than the GBP 10.2 billion paid out in 2007.
The think tank upwardly revised its April 2009 forecast from GBP 4.1 billion due to better than expected second and third quarter profits for many leading financial institutions. Recently, the CEBR said cash bonuses are likely to remain below peak levels for at least five years.
Douglas McWilliams, CEO at CEBR said, "Any attempt to deal with bonuses is likely to be either unsuccessful or very damaging unless it addresses the issue of lack of competition which is at the heart of the sharp rise in profitability."
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