Thursday, January 14, 2010

Headline of the Decade

Bankers ‘Let Down’ as Tax Makes London Most Expensive (Update1)

Jan. 14 (Bloomberg) -- The U.K. government’s decision to raise the top rate of income tax will leave residents earning more than 1 million pounds ($1.6 million) a year worse off than they would be in any of the world’s other major financial centers.

“People feel let down,” Nick Bacon, a London-based financial services tax partner at accounting firm KPMG, said in a telephone interview. “They thought that the U.K. could always be relied on as being tax-friendly.”

I guess that only diamonds are forever. "Oh, the (in)humanity!"

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  1. The City of London, as you know, this is in the east of where most tourists call London, is a fortress ever since the IRA and the Baltic Exchange brought secret peace talks out into the open, quick smart.

    This sort of security allows thousands of millions of bearer bonds to be walked around by "little old men" from office to office. Many back room ops can move elsewhere, ironically perhaps amny have moved to Dublin, but this fortress costs money and it has its own police force finely tuned to the needs of the square mile.

    Venice might be a good spot for the bankers?

  2. Venice- why not?

    The City is moving nowhere. Crybabies. With all the bailouts and money-printing, they already can hardly count their profits.