| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:Three cheers for those 'magnificent' students......... | |
| Posted by: | Paul Corcoran | |
| Date/Time: | 14/11/10 15:51:00 |
| '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. ' Which companies? Most of the assertions that you make are littered with misconceptions about financial services that someone with the most superficial understanding of the City of London wouldn't make. The idea that a transaction tax would somehow make the UK financial system more stable by squeezing out the 'casino' element shows that you are completely unaware that capital markets are largely globalised and trade takes place on a 24 hour basis. London enjoys a competitive advantage partly due to the fact that it crosses over time wise with New York and the Far East but so do other European financial centres. If the UK decided to tax transactions the transactions would still take place but offshore and would have exactly the same impact on our economy and financial system other than we would not get any tax or employment benefit from the activity. I think you are getting confused with the impact of higher income tax on the City. Some people did issue stark warnings about a flight of talent. This hasn't happened to any significant degree yet partly because a weak sterling has made London a very attractive place to be based and outweight tax disadvantates. |