The UK is at risk of losing its place in the top 10 world economies over the next 5 years.

A new report has warned that the UK economy could be at risk of falling down the rankings unless we see a return to growth in the near future. We are now the only major world economy that is still officially in recession.

Whilst the economy is struggling and failing, the row rages on over bonuses for top bankers and city brokers. The fear is that many will flee the country if there are caps on bonuses or the proposed new super tax is introduced. Many say that the people who are likely to flee the country in the wake of any such move are the same ones who could potentially drive a recovery.

But first we should maybe ask ourselves what have they done to benefit the country in recent times? If we were to lose some of these people to other countries would it be a risk or a benefit? Why do our banking leaders need to get paid billions for failing the system?

The Government are announcing new plans to limit salaries and bonuses in the city to £150,000 and anything over this amount will need to gain ministerial approval. But many sceptics say this is just “Papering over the cracks” and that it will have no real benefit in the grand scheme of things.

Whatever is decided, something has to change. If there was a “Brain drain” with many top flight people leaving for foreign shores, just how much off a detriment is it likely to be? With the recent performance of the banking industry, many people would argue that any change has to be an improvement.

We and Gordon Brown should not be held to ransom and if reducing bonuses will frighten some off, so be it. There are tens of thousands of very talented people in this country “Champing at the bit” and every bit as capable of taking up the reigns, often for a fraction of the salary.

All the time we have a situation where millions are struggling just to survive on National Minimum Wage, these obscene benefits should never be allowed in the first place. Whether its prima-donna footballers, or banking and insurance gurus, there must be some return to common sense pay levels before anarchy ensues.