Last of the big spenders

In the boom days, the corporate Christmas party was the very symbol of a firm's wealth and excess. Fine dining, crates of Champagne and expensive gifts for senior staff were de rigeur, with many financial firms thinking nothing of spending several hundred pounds a head on each member of staff.

But the last survey by the Chartered Management Institute found that only 42 per cent of firms said they were making any contribution to funding parties, compared with 72 per cent in 2006. Prior to that, companies such as Honda were known to spend 100,000 for a three-course meal and drinks for staff.

London ad agency Saatchi & Saatchi once turned its car park into a funfair which included ferris wheels and merry-go-rounds in a Christmas bash that cost 80k.

City brokers Intercapital hosted a Christmas party at London's Gibson hall, which was decked out in the grand Russian imperial style with a lavish Russian feast.