Banker Bashing : Why Boris is Right

Mayor Boris has written to the Chancellor demanding a meeting to discuss his introduction of a 50% tax rate a temporary 50% levy on banking bonuses . In a move that was as vindictive as it was irrational the chancellor is raising the top rate of income tax to 50% in April, making London more expensive for residents earning £1 million a year than New York or Hong Kong, according to KPMG estimates. A London banker on that amount will pay £491,278 in income tax and social security payments from April, a third more than in Hong Kong and £58,500 more than in New York, the data below shows:

Now some might think great, we”ll squeeze ’em till their pips squeak, we’ll bash bankers bonuses. Not for long comrades.   Just as Pol Pot’s extermination of the counter-revolutionary middle-classes (teachers and doctors) left Cambodians uneducated and unheallthy, driving bankers offshore will hurt those left behind more financially.  High-earners are mobile, foreign firms will re-locate, and foreign financial firms definitely won’t choose to locate here in the future.  The predicted one-time billion pound boost to revenue will see many more billions drain away long term. The burden will just fall heavier on those poor taxpayers left in debt ridden Britain…

See also We’ll Pay for Banker Bashing.




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

David Davis is asked by Die Welt if his “training in the British commandos” has helped with the negotiations:

“Well, I never killed anyone.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Car Windscreen Smashed Inside Parliament Car Windscreen Smashed Inside Parliament
Russia Today Presenter Fibs With First Word on #BBCDP Russia Today Presenter Fibs With First Word on #BBCDP
Shameless Poetry Shameless Poetry
John Healey: Then and Now John Healey: Then and Now
Linesman MP Has Attended 96% of Votes, Better Record Than SNP MPs Linesman MP Has Attended 96% of Votes, Better Record Than SNP MPs
On The Red Carpet Last Night On The Red Carpet Last Night
Red Sky at Night, Jez’s Delight Red Sky at Night, Jez’s Delight
Arms Folded in Unity Arms Folded in Unity
Cliffe Quits Radicals After 12 Hours Cliffe Quits Radicals After 12 Hours
Davis: Brake Leaked His Own Letter Davis: Brake Leaked His Own Letter
Brake Misleads Bercow About Guido Story Brake Misleads Bercow About Guido Story
Labour Charge Electric Campaign Vehicle in Parliament Labour Charge Electric Campaign Vehicle in Parliament
Mr Rayner’s Alternative to Badger Cull Mr Rayner’s Alternative to Badger Cull
Sir Cover-Up, Sir Craig and the Curious Case of His Memoirs Sir Cover-Up, Sir Craig and the Curious Case of His Memoirs
Alun Cairns’ Tippy-Toes Pose Alun Cairns’ Tippy-Toes Pose
Pidcock Publicly Owned Pidcock Publicly Owned
Young Labour: Leave NATO, Abolish the City and Reject Two-State Solution Young Labour: Leave NATO, Abolish the City and Reject Two-State Solution
Salmond and Tasmina’s Boozy City Break Salmond and Tasmina’s Boozy City Break
Sunday Show Highlights Sunday Show Highlights
Tory MP’s Two Nicknames for Hammond Tory MP’s Two Nicknames for Hammond