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Is Alistair Darling putting the UK financial markets at risk?

A number of prominent tax experts in the UK have stepped forward to criticise Alistair Darling's "smash and grab" with the introduction of a new banking tax on financial sector bonuses. This is a situation which has been ongoing for some time, with both regulatory costs and tax costs increasing for financial firms in the UK, but one which is starting to affect the competitive edge of the UK financial markets. So has Alistair Darling gone too far this time?

The fact is that the recently announced banking bonus tax is unlikely to raise any significant funds for the UK government and is more of a political pawn as we approach the next general election. However, the very fact that the UK government has been "anti-financial companies" for some time is a factor which will remain long in the memory is of those financial companies based in the UK and looking to move here.

As we have mentioned on numerous occasions, the financial sector in the UK has been painted as the "Devil in disguise" purely and simply as a means of attracting UK voters in the polls. If the UK government manages to turn around the political scene in the UK and retain office at the next election it could do so without the support and innovation of the UK financial sector.

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