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London Banker Laments Bonus Tax

He’s right. 

London’s role as a leading financial hub may be “damaged” by the new bonus tax, Barclays chief John Varley has told the BBC.

Mr Varley is the first senior British banker to attack the one-off 50% tax on large bonuses for bankers recently announced by the government.

“I think that London could well be damaged by this,” he said.

[...]

“But I also have a responsibility to our shareholders, and in the modern banking environment, talent is mobile. So unless I get the best people I will not be doing my duty to my shareholders.

“We need a level playing field to make sure that we can compete with the best companies in the world,” he added.

Posted by Owen at 1709 hrs
Economy + Foreign Affairs

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