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Overseas stock markets rubbing their hands at London woes

Stock markets around the world have been focusing upon the city of London investment markets amid concerns within the London arena that the government's 50% banking bonus tax could seriously damage future business levels. While the UK government published a report on Friday which clarified who will fall under the scope of the banking tax it is more the damage to the London market reputation which is worrying.

The London stock market in particular has taken something of a battering over the last few weeks with the European Union looking to grab control, foreign markets making a play for London business and now the UK government continuing its onslaught of the UK banking sector. While banks with a presence in London continue to consider their position there is no doubt the banking bonus tax, even though put forward as a one-off charge, is making people think again.

We have seen a number of banks suggesting they will take a hit on behalf of their employees and a number of banks giving employees the opportunity to work overseas in a more tax friendly environment. All in all, for an estimated £450 million in income the UK government is taking a major chance on the reputation of London and could seriously reduce the £7 billion a year which the industry pays to the government in corporation tax.

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