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The UK tops the millionaire bankers league – but our overall prosperity is distinctly mid-table

A few thousand bankers are taking £6 billion a year from the UK economy, new figures show. What’s the opportunity cost – and how could things be different?

By Luke Hildyard
The UK tops the millionaire bankers league – but our overall prosperity is distinctly mid-table
Rolls Royce parked outside wine store, London | Loco Steve/Flickr, CC 2.0.
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Over 3,500 UK-based bankers are paid over €1 million, according to figures from the European Banking Authority (EBA) released this week.

That’s three times the rest of Europe put together – in Europe outside Britain, only 1,200 individuals are paid such sums.

It’s a remarkable statistic and indicative of the UK’s vast financial services industry, the importance of which is forcefully asserted by banking lobbyists in policy debates around everything from income tax to Brexit.

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