Billions in bonuses paid out this weekend

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Billions in bonuses paid out this weekend

This weekend is shaping up to see a bonus bonanza worth around £19 billion for one in three high earners in the UK, according to Barclays Bank.

The survey into annual bonus activity was conducted by Barclays wealth's international personal and premier banking division and found this weekend most likely to witness the majority of lump sums being handed out to employees.

In addition, more than six out of ten (65 per cent) have already planned what they are going to do with their annual bonus with investment in property, other financial products and clearing debts being the three most popular options.

Booking a holiday and spending on home improvements also made their way into the top five ways that high earners will spend their bonuses.

Jonathan Williams, spokesperson for Barclays wealth's international personal and premier banking business, stated: "It is encouraging that our research shows that people are intending to be responsible with spending their bonus this year and that five per cent will be getting professional advice on how to make the most out of their money.

"With increasing numbers of foreign nationals now living and working in the UK, they might be entitled to the tax status afforded to UK resident non-domiciled individuals, for example."

The research carried out by Barclays discovered the most common amount received as a bonus was between £5,000 and £25,000.

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