From today’s Telegraph

A Telegraph analysis of government figures shows how bonuses for City workers and other financial services professionals have continued to soar, exceeding previous records by more than £500 million.

The recent annual awards were mostly triggered by large profits made early in 2007, before the credit crunch hit, but will fuel a growing row over whether bankers are encouraged to take excessive risks with investors’ money.

The £12.6 billion sum would almost match the £15 billion hole that has emerged in the accounts of British banks as much of their profitability proved temporary…

Comment would be superfluous.