Fancy a well-paid City job? Sorry, there aren't any

Out-of-work bankers trying to get back in the game or young graduates hoping for a start in finance are facing a harsh reality: hardly any new jobs are being created in the City. Only 1,490 jobs became available in December, nearly half the number that were created a year ago.

That is bad news for the Chancellor George Osborne, who was hoping that the financial sector was on the mend and ready to pay more taxes again. The figures come as banker bonus season begins and are likely to raise fresh questions about why those payouts are so high. Bankers argue that the pay is a reflection of a competitive market, a case that becomes harder to make given the small number of new jobs and thousands of redundancies.