Ditch supertax to stop 9,000 bankers leaving City...
Discussion
Cant see this anywhere, but to all the joe public out there...
A big round of applause from me, you have just about succeeded in killing off the biggest remaining industry the UK has.
http://www.bloomberg.com/apps/news?pid=20601087&am...
http://www.thisismoney.co.uk/news/article.html?in_...
Now you have what you want, what are you going to do about it.
To all those that stated 'They wont move out, its a bluff' 9000 people just gave you the 2 fingered salute.
The next step is going to have to be a very careful one and if the wrong one is done then this great nation is on the road to ruin thanks to the public hatrid of bankers and the government trying to win votes and blame anyone but themselves for the crisis.
A big round of applause from me, you have just about succeeded in killing off the biggest remaining industry the UK has.
http://www.bloomberg.com/apps/news?pid=20601087&am...
http://www.thisismoney.co.uk/news/article.html?in_...
Now you have what you want, what are you going to do about it.
To all those that stated 'They wont move out, its a bluff' 9000 people just gave you the 2 fingered salute.
The next step is going to have to be a very careful one and if the wrong one is done then this great nation is on the road to ruin thanks to the public hatrid of bankers and the government trying to win votes and blame anyone but themselves for the crisis.
Dupont666 said:
Cant see this anywhere, but to all the joe public out there...
A big round of applause from me, you have just about succeeded in killing off the biggest remaining industry the UK has.
http://www.bloomberg.com/apps/news?pid=20601087&am...
http://www.thisismoney.co.uk/news/article.html?in_...
Now you have what you want, what are you going to do about it.
To all those that stated 'They wont move out, its a bluff' 9000 people just gave you the 2 fingered salute.
The next step is going to have to be a very careful one and if the wrong one is done then this great nation is on the road to ruin thanks to the public hatrid of bankers and the government trying to win votes and blame anyone but themselves for the crisis.
+1000A big round of applause from me, you have just about succeeded in killing off the biggest remaining industry the UK has.
http://www.bloomberg.com/apps/news?pid=20601087&am...
http://www.thisismoney.co.uk/news/article.html?in_...
Now you have what you want, what are you going to do about it.
To all those that stated 'They wont move out, its a bluff' 9000 people just gave you the 2 fingered salute.
The next step is going to have to be a very careful one and if the wrong one is done then this great nation is on the road to ruin thanks to the public hatrid of bankers and the government trying to win votes and blame anyone but themselves for the crisis.
Politics of envy.
In part (well, a pretty big part, IMOHO), the bankers were used as delfection shields for the government/s, to hide the fact that it was their policies that brought us to this point in the first place!
ETA - Has no journalist ever asked any of the banks why they took on bad debt?
ETA - Has no journalist ever asked any of the banks why they took on bad debt?
Edited by chris watton on Tuesday 12th January 09:53
Though I agree with what you've said....
It has yet to happen.
The article says 'MAY LEAVE', not 'HAVE LEFT'.
And it is Boris who is saying this (Conservative), so not a suprise that he'd come out against a Labour policy.
So, as I have said; Though I fear that this is a very real threat....it hasn't happenend yet. So let's not jump the gun just yet.
It has yet to happen.
The article says 'MAY LEAVE', not 'HAVE LEFT'.
And it is Boris who is saying this (Conservative), so not a suprise that he'd come out against a Labour policy.
So, as I have said; Though I fear that this is a very real threat....it hasn't happenend yet. So let's not jump the gun just yet.
Spiritual_Beggar said:
Though I agree with what you've said....
It has yet to happen.
The article says 'MAY LEAVE', not 'HAVE LEFT'.
And it is Boris who is saying this (Conservative), so not a suprise that he'd come out against a Labour policy.
So, as I have said; Though I fear that this is a very real threat....it hasn't happenend yet. So let's not jump the gun just yet.
Goldmans have a massive project to move their desks offshore, and Tullet Prebon have told their staff that they will facilitate a move if it's wanted.It has yet to happen.
The article says 'MAY LEAVE', not 'HAVE LEFT'.
And it is Boris who is saying this (Conservative), so not a suprise that he'd come out against a Labour policy.
So, as I have said; Though I fear that this is a very real threat....it hasn't happenend yet. So let's not jump the gun just yet.
Its the politics of reality, which the banking industry is not protected from.
newspapers control the public
public control the politicians
politicians control everything else
If you overtly cause yourself bad publicity, whether deserved or not, you cannot fold your arms in the knowledge you do a good job and expect to be unaffected.
Like it or not joe public doesn't see bankers as a net profit in this country, they see them as a net drain on the public purse.
Until bankers get a better PR you can expect more of this.
Depending on what profession you are in this happens every so often mainly at the whim of the newspapers.
newspapers control the public
public control the politicians
politicians control everything else
If you overtly cause yourself bad publicity, whether deserved or not, you cannot fold your arms in the knowledge you do a good job and expect to be unaffected.
Like it or not joe public doesn't see bankers as a net profit in this country, they see them as a net drain on the public purse.
Until bankers get a better PR you can expect more of this.
Depending on what profession you are in this happens every so often mainly at the whim of the newspapers.
julian64 said:
newspapers control the public
Depending on what profession you are in this happens every so often mainly at the whim of the newspapers.
Spot on, it's disgusting who this has got worse and worse over the last 10 years.Depending on what profession you are in this happens every so often mainly at the whim of the newspapers.
All they want is to win votes and 9000 bankers or the tens of thousands employed in this sector aren't going to out vote all the working class tabloid readers.
Unfortunately politics only deals in the short-term and doesn't think of the long term implications, as aptly demonstrated by Tony Blair throughout his tenure.
Frightening. Let's just hope thet Tories stick with the tax in order to win the election and then quietly abandon it
FFS, most banker aren't going to leave, they can't even if they wanted to.
The fallacy of composition. If any one banker doesn’t get a big bonus or get a nasty tax bill, it’s possible he might flounce off in a huff to another firm. But it’s not possible for all bankers to do so; only a tiny handful of British bankers could get good jobs in New York or Switzerland. In this sense, a blanket nationwide ban on big bonuses wouldn’t do much harm.
What’s true for an individual needn’t be true for a group.
There’s a parallel here with one of the errors that got us into this mess - what Keynes called the “fetish of liquidity”. An asset might be liquid from the point of view of an individual, but there is no such thing as liquidity for al investors.
The fallacy of composition. If any one banker doesn’t get a big bonus or get a nasty tax bill, it’s possible he might flounce off in a huff to another firm. But it’s not possible for all bankers to do so; only a tiny handful of British bankers could get good jobs in New York or Switzerland. In this sense, a blanket nationwide ban on big bonuses wouldn’t do much harm.
What’s true for an individual needn’t be true for a group.
There’s a parallel here with one of the errors that got us into this mess - what Keynes called the “fetish of liquidity”. An asset might be liquid from the point of view of an individual, but there is no such thing as liquidity for al investors.
chris watton said:
In part (well, a pretty big part, IMOHO), the bankers were used as delfection shields for the government/s, to hide the fact that it was their policies that brought us to this point in the first place!
Err, so the government forced RBS and Lloyds to start playing with complicated derivatives and the funding model used by Northern Rock?If it wasn’t for the government it is very unlikely that many of the people hopping off the train at Liverpool St this morning would have jobs. They should be rather thankful for Gordon allowing them to keep the privileged jobs.
The idea that bankers are victims of New Labour is hogwash of the highest order.
From a personal point of view, I think they would leave. I did the same when I found out (my fault entirely for not researching better!) that over two thirds of my relatively very modest income was to be handed over in tax and NI (the latter was 24% of gross income!)
Once I realised this, I immediately set up my business back in the UK, and am more than happy spending over half my time there, irrespective of any inconvenience, as it saves me a small fortune in taxes and NI.
I would imagine that, as far as the much higher paid bankers are concerned, a move to a more tax friendly place is a no brainer!
Unless you have been there and got truly tax raped by the state, leaving you with the same amount of income, in real terms as an unskilled worker, it is hard to understand.
Once I realised this, I immediately set up my business back in the UK, and am more than happy spending over half my time there, irrespective of any inconvenience, as it saves me a small fortune in taxes and NI.
I would imagine that, as far as the much higher paid bankers are concerned, a move to a more tax friendly place is a no brainer!
Unless you have been there and got truly tax raped by the state, leaving you with the same amount of income, in real terms as an unskilled worker, it is hard to understand.
Fittster said:
FFS, most banker aren't going to leave, they can't even if they wanted to.
The fallacy of composition. If any one banker doesn’t get a big bonus or get a nasty tax bill, it’s possible he might flounce off in a huff to another firm. But it’s not possible for all bankers to do so; only a tiny handful of British bankers could get good jobs in New York or Switzerland. In this sense, a blanket nationwide ban on big bonuses wouldn’t do much harm.
What’s true for an individual needn’t be true for a group.
There’s a parallel here with one of the errors that got us into this mess - what Keynes called the “fetish of liquidity”. An asset might be liquid from the point of view of an individual, but there is no such thing as liquidity for al investors.
Doesn't the article talk about banks moving teams of people, rather than individuals going off in a huff?The fallacy of composition. If any one banker doesn’t get a big bonus or get a nasty tax bill, it’s possible he might flounce off in a huff to another firm. But it’s not possible for all bankers to do so; only a tiny handful of British bankers could get good jobs in New York or Switzerland. In this sense, a blanket nationwide ban on big bonuses wouldn’t do much harm.
What’s true for an individual needn’t be true for a group.
There’s a parallel here with one of the errors that got us into this mess - what Keynes called the “fetish of liquidity”. An asset might be liquid from the point of view of an individual, but there is no such thing as liquidity for al investors.
Fittster said:
chris watton said:
In part (well, a pretty big part, IMOHO), the bankers were used as delfection shields for the government/s, to hide the fact that it was their policies that brought us to this point in the first place!
Err, so the government forced RBS and Lloyds to start playing with complicated derivatives and the funding model used by Northern Rock?If it wasn’t for the government it is very unlikely that many of the people hopping off the train at Liverpool St this morning would have jobs. They should be rather thankful for Gordon allowing them to keep the privileged jobs.
The idea that bankers are victims of New Labour is hogwash of the highest order.
Brown and his nasty little mates have royally f cked this country. We're broke.
So they do what the Nazis did, find a group to blame. The bankers.
"Oh, look at that banker, with his nice car, and nice house, and pretty wife. So much happier and richer than you......"
Envy.
NoelWatson said:
Fittster said:
Err, so the government forced Lloyds to start playing with complicated derivatives and the funding model used by Northern Rock?
You are joking about Lloyds I assume? As a shareholder, I do not find your attempt at humour very funny!NoelWatson said:
Spiritual_Beggar said:
And it is Boris who is saying this (Conservative), so not a suprise that he'd come out against a Labour policy.
I think it may be Tory policy as wellEither way, it's a stupid idea, and it WILL come back and bite us eventually.
Dupont666 said:
To all those that stated 'They wont move out, its a bluff' 9000 people just gave you the 2 fingered salute.
That's not how I read it.thisismoney said:
Up to 9,000 bankers could leave London in protest at the 'ill thought out' tax raid on their bonuses, Boris Johnson warned yesterday.
and Bloomberg said:
Johnson said that as many as 9,000 bankers may leave the U.K. as a result of a 50 percent tax on bonuses announced last month.
In fact the bloomberg article even concludes with . . .bloomberg said:
“On the margins you might get hedge funds that can leave,” and some bankers “could move to New York, but it will not happen overnight,” said Tom Kirchmaier, a fellow at the London School of Economics. “The threat that leading banks will leave is just not credible. There is a lot of rhetoric.”
From those articles there is no evidence whatsoever that 9000 bankers will leave.NoelWatson said:
Fittster said:
FFS, most banker aren't going to leave, they can't even if they wanted to.
The fallacy of composition. If any one banker doesn’t get a big bonus or get a nasty tax bill, it’s possible he might flounce off in a huff to another firm. But it’s not possible for all bankers to do so; only a tiny handful of British bankers could get good jobs in New York or Switzerland. In this sense, a blanket nationwide ban on big bonuses wouldn’t do much harm.
What’s true for an individual needn’t be true for a group.
There’s a parallel here with one of the errors that got us into this mess - what Keynes called the “fetish of liquidity”. An asset might be liquid from the point of view of an individual, but there is no such thing as liquidity for al investors.
Doesn't the article talk about banks moving teams of people, rather than individuals going off in a huff?The fallacy of composition. If any one banker doesn’t get a big bonus or get a nasty tax bill, it’s possible he might flounce off in a huff to another firm. But it’s not possible for all bankers to do so; only a tiny handful of British bankers could get good jobs in New York or Switzerland. In this sense, a blanket nationwide ban on big bonuses wouldn’t do much harm.
What’s true for an individual needn’t be true for a group.
There’s a parallel here with one of the errors that got us into this mess - what Keynes called the “fetish of liquidity”. An asset might be liquid from the point of view of an individual, but there is no such thing as liquidity for al investors.
Most UK bankers are going to stay put. If they want to grow the industry the could cut their cost but that might mean lower bonuses (heaven forbid!)
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