Wealth gap too wide, say City staff
Many City workers in London believe there is too great a gap between rich and poor in the UK, a think-tank report published today reveals.
The report, from the St Paul’s Institute, called Value and Values: Perceptions of Ethics in the City Today, was based on a survey of 515 financial sector professionals taken by market research company ComRes in August.
Respondents were questioned about the ethics of their salaries and bonuses, corporate social responsibility, and the history of the financial services sector.
The think-tank is linked to St Paul’s Cathedral in London, where protesters against corporate greed have been demonstrating since last month.
The majority of financial sector professionals believe that bankers, stock brokers, FTSE 100 chief executives, lawyers and city bond traders are paid too much, the research showed.
Two-thirds of respondents said that “salary and bonuses” is the most important motivation for financial services professionals, with “enjoyment of work” coming a distant second.
Seventy-five percent of those questioned agreed there is too great a gap between rich and poor in the UK.
Only 14% of respondents correctly recalled the motto of the London Stock Exchange -“Dictum Meum Pactum” (“My Word is My Bond”).
The publication of the report was postponed following the resignation of the Canon Chancellor of St Paul’s, Giles Fraser, over the cathedral’s handling of the anti-capitalist protest camp set up on the cathedral’s doorstep.
Dr Fraser wrote in the introduction to the report that “ethics is a state of solidarity with other human beings”.
The survey, carried out between August 30 and September 12, was commissioned to mark the 25th anniversary of the financial Big Bang, referring to the deregulation of the London Stock Market in 1986.
The Rev. Michael Hampel, Canon Precentor of St Paul’s Cathedral, said: “Action is a crucial goal of the protest camp outside St Paul’s Cathedral. We hope that the telling findings of this report can provide a solid foundation for future engagement and highlight issues where action might be of mutual concern for all sides of the debate.”
