Hong Kong set to overtake shrinking City The former British colony is expected to employ close to 248,000 financial services workers by 2015, compared to 237,000 in London, representing a massive shift in the balance of power between Hong Kong and its former colonial master. Douglas McWilliams, chief executive of CEBR, said the "biggest loser" was the taxpayer. I estimate that government revenues from the City in the current financial year are likely to be about £40bn compared with the £70bn which it received in 2007/08 at the peak of the cycle. The CEBR findings came as the latest global outlook report from Markit showed business confidence hitting a post-crisis low as sentiment among the 11,000 companies questioned painted a gloomy picture of the world economy. City bonuses set for collapse City bonuses will collapse to around £6,400 a head this Christmas, down from a peak of £33,000, as payouts are weighed by a shrinking City and public outrage over the economic crisis. CEBR has forecast that £1.6bn in bonuses will be paid out to City staff this year, an 86pc decline on the huge £11.6bn pool that they shared in 2008. It follows a continued slowdown in activity over the summer, the think tank said, as well as a move among firms towards substituting salary for bonuses in light of public anger over the size of payouts. The bonus forecast has even been revised down from one made by the CEBR just six months ago. It said the "only high points" for a beleaguered City were private equity and technology M&A deals.