According to the Office for National Statistics (ONS), bonus pay outs made between December and April during the previous financial year reached Â£10 billion when compared with Â£8 billion paid out in 2008, the Daily Telegraph reported.
Lord Oakeshott, Liberal Democrat Treasury spokesman, told the newspaper: "It's bonuses for bankers and cuts and cutbacks for everyone else.
"The real tragedy is that bankers are helping themselves to bonuses at a time when many small businesses and first-time home buyers can't get a loan."
The government has recently launched a consultation on imposing greater restrictions on bonuses by linking them to the amount of money they lend.
Previously, Alistair Darling, the former chancellor of the exchequer, announced the launch of a one-off tax on additional pay outs in December of last year in a bid to curb the size of banker bonuses.
Any individual bonus of more than Â£25,000 was subject to a levy of 50 per cent, a strategy which the Labour government believed would raise Â£550 million.
The scheme actually earned the authorities over Â£2 billion.
By Jim Ottewill