City workers are paid too much - St Paul's report

Financial sector professionals think their colleagues in the City are being paid too much, according to a new report from the St Paul's Institute.

The report was published to coincide with the 25th anniversary of financial deregulation in Britain, otherwise known as the financial "Big Bang".

In a poll 515 financial sector professionals for the institute, 75% agreed that city bond traders, FTSE 100 chief executives, stockbrokers, lawyers and bankers are being paid too much, while teachers are being paid too little.

Seventy-five per cent said the gap between rich and poor in Britain was growing.

Two in three respondents (64%) agreed that "salary and bonuses" were the most important motivation for professionals working in the financial sector.

The report was compiled before St Paul's Cathedral found itself at the centre of controversy over its opposition to the Occupy London Stock Exchange protest camp on its doorstep.

The debacle forced the publication of the report to be delayed to this week.

Commenting on the findings, Canon Precentor of St Paul’s Cathedral the Rev Michael Hampel 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.”