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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Tuesday 14th October 2008
As if looking to start an all out war with the City, the Treasury has revealed details of £17 billion in bonuses paid to City workers in 2007. While the figure itself is enormous it is very small in comparison to the overall profitability of the City as a whole. However, it is interesting to note that the Treasury failed to mention the £7 billion in taxes which it collected from this bonus figure.
At a time when the government is looking to get back into favour with traditional Labour party members and UK voters it seems that daily attacks on the City are all par for the course. But there are many in the City who will not forget these latest blasts next time the Labour party come shaking their tin or require finance for an array of pubic projects. Labour is not only biting the hand which feeds it in many ways but it is alienating a group of people it helped to create and milked for all the tax and income it could.
London has been one of the main financial centres of the world for some time but that position is at risk the more attacks on not only City life but City regulations instigated by a government which is again distancing itself from former friends when it suits. |
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