Taxes up, Bankers Bail on London


	Taxes up, Bankers Bail on London

emoyer

4-27-2009 9:19 AM

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tags:

london, global financial crisis, when bankers get taxed

emoyer says:

"High earners" face a 50% income tax next year in the U.K., and many bankers say it's the last straw. Many are planning to leave a badly beaten London financial market.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/54b3e8a0-7d99-44b3-be47-6d4637024f9d/0338CB18-1024-4C53-B79A-3544E4F766BC/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home" href="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home" style="font-size: 11px;">www.bloomberg.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home"><SPAN class="news_story_title">London Bankers Look for Exits After ‘Last Straw’ Tax Increase </SPAN></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home"><P>     April 27 (Bloomberg) -- Demetris Efstathiou, a hedge-fund
trader and a Londoner for two decades, listened last week to
Chancellor of the Exchequer Alistair Darling outline a plan to
raise taxes on high earners. Then he decided to leave Britain.     </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home"><P>Prime Minister Gordon Brown’s proposal to boost the tax
rate to 50 percent from 40 percent on income above 150,000
pounds ($220,000) pushed headlines about “class warfare” onto
the front pages of the capital’s newspapers. It also prompted
predictions from business groups that it would undermine the
U.K.’s competitiveness and lead to an exodus of financial
talent. Brown was portrayed as Vladimir Lenin in a cartoon on
Page One of the Daily Telegraph.     </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home">he income-tax change, set to take effect next year, would
give the U.K. a higher top rate than Spain, Italy, Germany,
France and the U.S., according to KPMG, the accounting firm.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/0338CB18-1024-4C53-B79A-3544E4F766BC/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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