Summary
WIth his attack on bankers' bonuses, I fear Boris Johnson is losing his sensible perspective on the need to sustain London as the world's leading financial centre (19 october).
the City attracts the brightest and the best internationally. those responsible for huge banking losses have already been fired or weeded out; FSa proposals to make risky trading activities subject to higher capital requirements will diminish profitability and thus bonus payments. If we block or tax bonuses there is a real risk we will drive both bankers and major banks out of London to more congenial centres at a huge cost to the City and taxpayers.See the full content of this document
Extract
Don't Drive Away City Stars
With income tax rates about to rise to more than 50 per cent next year, I am aware of a number ...
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