UK bonuses eclipse pre-crisis peak as finance, tech sectors set new record

The Office for National Statistics has revealed that bonus payments in the UK hit a record £44.3bn during the last tax year, with growing bonuses paid to the tech sector.

The figure was 4.4% higher than the same period last year, a report released by the ONS on Thursday said.

Finance and insurance took home the first prize in terms of bonuses, with £13.9bn being handed out to professionals within the sector, an average of £13,400 per employee.

"The total of over £44bn of bonuses represents the first time that the figure has surpassed the previous record set in 2008, when it was £42.5bn," said ONS researcher Nick Palmer.

Palmer also alluded to the influence played by those in tech firms to contribute to the total.

"Although the finance and insurance industry retains the largest share of the total, other industries, particularly among professional and high-tech business services, have been the biggest drivers of growth since 2008."

The overwhelming majority of the bonuses paid came through the private sector, with £43.7bn of the total going to private companies. The public sector total was miniscule in comparison, with the likes of health and social care workers receiving next-to-nothing.