I read last week that City bonuses reached a peak of £11.6 billion in 2007-8. The forecast for this year is £4.2 billion.
Many will welcome this collapse. Some will say the bonuses are still too large. It is a fall of almost two thirds from the high.
The Treasury will have very mixed feelings about it. They will be relieved it will reduce the number of embarrassing questions about City pay. They will be worried that Income Tax revenue from this source will be £3.7 billion lower at current tax rates than if the 2007 level had persisted.
It was interesting to hear the PM say last week that he now intended to defend the City from Brussels regulatory attack. This is a change of emphasis, and probably reflects the growing realisation in Whitehall that the UK is still very reliant on tax revenue from the City.