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Tullet Prebon announces plans to move staff overseas

Financial trading outfit Tullet Prebon has announced plans to give London based staff the option of moving overseas in order to avoid the UK banking bonus tax which was announced by Alistair Darling last week. In a move which many had predicted, it seems that Alistair Darling's plans to hit the UK banking system with extra taxes may well have backfired. So what is happening?

While the headline would suggest that Tullet Prebon is moving its staff lock, stock and barrel overseas, this is not quite the case. The company is giving trading desks, which can contain up to 20 different traders, the option to relocate overseas into more tax friendly environments. Whether staff take-up this option is purely and simply down to them and no doubt we will hear the numbers involved in due course.

It will be interesting to see if any of London's other major financial traders follow suit because Tullet Prebon, under a number of different guises, has been a part of the UK financial markets for over 140 years. Today is in many ways a sad day for the UK markets and many fear that Alistair Darling's gamble may finally have caught up with him?

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