Darling Calls Bankers’ Bluff
Is that the sound of light switches going off as furious masses flee the City on their way to Switzerland, Hong Kong and New York? BBC: He [Darling] introduced a temporary levy of 50% on any individual discretionary bonus paid above £25,000. Mr Darling said the banks, rather than the bankers, would pay the levy, with anti-avoidance measures introduced immediately. The move could raise £550m, which would be used to help reduce unemployment. The temporary measure comes into effect immediately and will cover …
Is that the sound of light switches going off as furious masses flee the City on their way to Switzerland, Hong Kong and New York?
BBC: He [Darling] introduced a temporary levy of 50% on any individual discretionary bonus paid above £25,000.
Mr Darling said the banks, rather than the bankers, would pay the levy, with anti-avoidance measures introduced immediately.
The move could raise £550m, which would be used to help reduce unemployment.
The temporary measure comes into effect immediately and will cover bonuses paid between now and April 2010.
Bankers will still have to pay income tax on any bonus they receive as usual.
So will bankers sit it out or will skiing holidays turn into permanent exits.
Next move belongs to the bankers.
