| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Three cheers for those 'magnificent' students......... | |
| Posted by: | Stewart Dean | |
| Date/Time: | 14/11/10 11:12:00 |
| "Stew, I'm guessing that you have no direct knowledge of the financial services industry" As it happens I work across many industries and have spent about 2-3 years working with financial service companies across a wide range of services at quite a senior level. "It is generally acknowledged that putting up taxes on industries that have a choice where to relocate will cause them to relocate" It is often said and, in reality, it would make little impact to the UK if those companies that objected to the tax relocated. If anything it may make the UK financial world stronger. The companies who deal with longer term investments and are not at the rapid trading 'casino' end are the kinds of companies that may be preferential to have in the UK. The rapid swings in the market are caused by too much abstraction of financial investments, something that goes against the original spirit of what shares where intended for and what they do well for businesses. Any jobs lost through the tax would be more than offset by the potential jobs that could be saved elsewhere in more worthwhile places. My 'animosity' is aimed at a unstable economic system, not individuals or any one company. In my experience some of the egos in the financial world could be replaced easily by other bright people at lower wages and do an equally good job. Some may sulk and move to Dubai or Geneva or New York but, oddly, the only argument I've heard against them moving is they buy things and pay tax. Put it like this, I get paid quite well for what I do but if I did the same job in Canary Wharf I could potentially earn twice as much. Same job and potentially easier work but I was bored of doing financial work and the journey across London is a killer. I stick with my view that tales of a financial expert exodus is mostly posturing to justify unjustifiably high wages. |