Well done Vince, HSBC look more than likely to quit London
Discussion
http://www.telegraph.co.uk/finance/newsbysector/ba...
You must be very pleased with yourself. Oh, hang on a minute where's the tax going to be paid in future? Of course, not here.
Well done to all concerned, pandering to the masses has put us firmly in the crap.
You must be very pleased with yourself. Oh, hang on a minute where's the tax going to be paid in future? Of course, not here.
Well done to all concerned, pandering to the masses has put us firmly in the crap.
Who actually gives a s
t? If they're anything like Barclays (and I suspect they are) we receive virtually no tax whatsoever from HSBC having its headquarters in London. They won't actually be able to move too much out anyway - they have a massive retail banking operation that has to be administered, and they would still maintain some form of commercial banking service here.
So effectively the Operating board will move to Hong Kong, probably only for three years because the Chinese will realise how much money they can make out of HSBC and will then regulate the crap out of them.
t? If they're anything like Barclays (and I suspect they are) we receive virtually no tax whatsoever from HSBC having its headquarters in London. They won't actually be able to move too much out anyway - they have a massive retail banking operation that has to be administered, and they would still maintain some form of commercial banking service here. So effectively the Operating board will move to Hong Kong, probably only for three years because the Chinese will realise how much money they can make out of HSBC and will then regulate the crap out of them.
davepoth said:
Who actually gives a st? If they're anything like Barclays (and I suspect they are) we receive virtually no tax whatsoever from HSBC having its headquarters in London. They won't actually be able to move too much out anyway - they have a massive retail banking operation that has to be administered, and they would still maintain some form of commercial banking service here.
So effectively the Operating board will move to Hong Kong, probably only for three years because the Chinese will realise how much money they can make out of HSBC and will then regulate the crap out of them.
I'm guessing you haven't looked at the profit breakdown which was released earlier in the week. Retail & commercial are small contributors.t? If they're anything like Barclays (and I suspect they are) we receive virtually no tax whatsoever from HSBC having its headquarters in London. They won't actually be able to move too much out anyway - they have a massive retail banking operation that has to be administered, and they would still maintain some form of commercial banking service here. So effectively the Operating board will move to Hong Kong, probably only for three years because the Chinese will realise how much money they can make out of HSBC and will then regulate the crap out of them.
All the large profit (therefore highest earners/tax payers etc) are elsewhere in the group.
ellroy said:
http://www.telegraph.co.uk/finance/newsbysector/ba...
You must be very pleased with yourself. Oh, hang on a minute where's the tax going to be paid in future? Of course, not here.
Well done to all concerned, pandering to the masses has put us firmly in the crap.
Nothing new.You must be very pleased with yourself. Oh, hang on a minute where's the tax going to be paid in future? Of course, not here.
Well done to all concerned, pandering to the masses has put us firmly in the crap.
Its been on the cards for well over a year already. There were whispers within hsbc towers about about the move at least a year ago already.
Doubt very much its "mere posturing for the budget".
Don’t worry, winky made sure that "everybody" knows that the only economy that matters in the UK is the amount of money the government spends . . . . . . . . .
No doubt if HSBC do move away from the UK to the Far East, a lot of the issues (time zones, travel time etc.) that mean offshoring many of the functions still in the UK, will be overcome very quickly and it will mean far more than 8,000 UK jobs lost
No doubt if HSBC do move away from the UK to the Far East, a lot of the issues (time zones, travel time etc.) that mean offshoring many of the functions still in the UK, will be overcome very quickly and it will mean far more than 8,000 UK jobs lost
davepoth said:
Who actually gives a st? If they're anything like Barclays (and I suspect they are) we receive virtually no tax whatsoever from HSBC having its headquarters in London. They won't actually be able to move too much out anyway - they have a massive retail banking operation that has to be administered, and they would still maintain some form of commercial banking service here.
So effectively the Operating board will move to Hong Kong, probably only for three years because the Chinese will realise how much money they can make out of HSBC and will then regulate the crap out of them.
Don't forgot HSBC are basically worth the same amount as Lloyds, Barclays and RBS put together. t? If they're anything like Barclays (and I suspect they are) we receive virtually no tax whatsoever from HSBC having its headquarters in London. They won't actually be able to move too much out anyway - they have a massive retail banking operation that has to be administered, and they would still maintain some form of commercial banking service here. So effectively the Operating board will move to Hong Kong, probably only for three years because the Chinese will realise how much money they can make out of HSBC and will then regulate the crap out of them.
davepoth said:
Who actually gives a st? If they're anything like Barclays (and I suspect they are) we receive virtually no tax whatsoever from HSBC having its headquarters in London. They won't actually be able to move too much out anyway - they have a massive retail banking operation that has to be administered, and they would still maintain some form of commercial banking service here.
So effectively the Operating board will move to Hong Kong, probably only for three years because the Chinese will realise how much money they can make out of HSBC and will then regulate the crap out of them.
t? If they're anything like Barclays (and I suspect they are) we receive virtually no tax whatsoever from HSBC having its headquarters in London. They won't actually be able to move too much out anyway - they have a massive retail banking operation that has to be administered, and they would still maintain some form of commercial banking service here. So effectively the Operating board will move to Hong Kong, probably only for three years because the Chinese will realise how much money they can make out of HSBC and will then regulate the crap out of them.
Someone who believes everything the papers write and the government says...did you think about it before you typed that? 
anonymous said:
[redacted]
Think of the money generated in taxes by having millions of people mining, building ships, building cars and making steel. Industries which were left to die for a fraction of the 850 billion used to bail out a load of rich people who gambled with other peoples monet and lost. But to be fair, think of all the money raised in banking taxes when they help move British chocolate factories to Poland
shauniebabes said:
Think of the money generated in taxes by having millions of people mining, building ships, building cars and making steel. Industries which were left to die for a fraction of the 850 billion used to bail out a load of rich people who gambled with other peoples monet and lost.
But to be fair, think of all the money raised in banking taxes when they help move British chocolate factories to Poland
Can you show me where the banks were bailed out to the tune of 850Billion, and if any of that money has actually been lost?But to be fair, think of all the money raised in banking taxes when they help move British chocolate factories to Poland
I think it's in the public interest to be soft on banking when it comes to tax.
Let's face it, there'll always be tax loop holes no matter how tight the laws are. Some tax, prestige and jobs are better than none.
The bonus culture will also never change but making sure fraud isn't ignored is the important factor.
Do what you must but be ethical is the important thing....not much chance of it though!
Let's face it, there'll always be tax loop holes no matter how tight the laws are. Some tax, prestige and jobs are better than none.
The bonus culture will also never change but making sure fraud isn't ignored is the important factor.
Do what you must but be ethical is the important thing....not much chance of it though!
AyBee said:
Someone who believes everything the papers write and the government says...did you think about it before you typed that? Barclays is paying so little tax that it was all spent on the MOD bulb budget for last Tuesday. Even if HSBC was paying ten times as much corporation tax it wouldn't be a catastrophic sum to lose.
As to the 8,000 employees, how many of those jobs would transfer as a result of a redomicile? It's not as if they would shut down their London operation, since it would still be the headquarters of HSBC Europe.
So, in truth, most of the employees would stay, and the only loss would be the corporation tax revenue.
http://www.hsbc.com/1/PA_1_1_S5/content/assets/inv...
Here's the company report, which says
"Last year, HSBC committed to reviewing its target shareholder return on equity once the effects of new regulation became clearer. Now that we have better visibility on the impact of increased capital requirements, we believe that higher costs of the evolving regulatory framework will, all other things being equal, depress returns for shareholders of banks. We will therefore target a return on average shareholders’ equity of 12-15% in the future.
As Group Chief Executive, it is right that, in managing the business and developing Group strategy, my principal office should be in Hong Kong – a global financial hub of growing importance at the centre of HSBC’s strategically most important region. However, the company is headquartered in London and we hope to remain there. London’s pre-eminence as an international financial services centre is widely recognised and well-deserved and reflects successful government policy over decades to build that position. It is therefore important to us that the UK’s competitive position is
protected and sustained. Appropriate supervision is an important part of the larger equation.
Policymakers should continue to legislate and regulate, but they must not destroy London’s competitive position in the process. As the Group Chairman has outlined, new legislation is expected to be enacted in the UK, effective from the start of 2011, one curious consequence of which is an explicit incremental cost of being headquartered in the UK for any global bank. Had this been applied for 2010, this annual charge
would have amounted to approximately US$0.6bn in HSBC’s case. Moreover, the overseas balance sheet would account for the majority of the annual charge, with the UK balance sheet accounting for approximately one third of the total."
So there you go. The CEO is moving, everything else will stay in London.
shauniebabes said:
Think of the money generated in taxes by having millions of people mining, building ships, building cars and making steel. Industries which were left to die for a fraction of the 850 billion used to bail out a load of rich people who gambled with other peoples monet and lost.
But to be fair, think of all the money raised in banking taxes when they help move British chocolate factories to Poland
As delusional rants go, that’s only a 4/10But to be fair, think of all the money raised in banking taxes when they help move British chocolate factories to Poland
You lost points for no swearing, failing to blame Baroness Thatcher, not implying that Willy Wonker himself is moving his chocolate factory due to a growing rift with his immigrant workforce and suggesting that the government spent £850 billion bailing out art speculators.
Interesting read. Didn't we have years of New Labour sucking up to the financial sector? Not regulating tem closely in case they quit, taking the tax revenue with them? That was ok then, presumably.
And look what happened. Govt must do what it thinks right. HSBC will quit any time it suits it to do so.
And look what happened. Govt must do what it thinks right. HSBC will quit any time it suits it to do so.
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