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Low Key Christmas Parties in Britain Due to Recession
But a deep recession and widespread lay-offs have taken a bite out of budgets and caused managers to downsize or cancel the festivities altogether.
A business survey this week estimated that Christmas party spending is down from about one billion pounds in 2007 -- the year before the recession hit -- to 600 million pounds this year.
Banks are among those most likely to scrap the champagne, thanks as much to debts incurred during the credit crunch as a fear of exacerbating the public perception that they are living the high life while ordinary people struggle.
Royal Bank of Scotland last year kicked up a media storm after spending a reported one million pounds on their Christmas parties, with another 300,000 pounds to treat its top executives.
RBS is now 70-percent owned by the taxpayer after its huge exposure to risky assets forced a massive government bail out.
It was following a long tradition of big spending at Christmas, but this year managers have taken a more diplomatic approach, with the mass get-together scrapped in favour of events organised by individual teams of workers.
The firm will still make a contribution but it will be small, a spokeswoman said, telling AFP: "Our staff have worked very hard over the last 12 months.
"We won't waste bank money but the long-standing tradition of paying a small contribution towards staff parties has been judged appropriate."
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