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Will foreign bankers really leave the UK?

The controversy over the UK government's 50% banking bonus tax has reached new highs today with the revelation that some foreign banks are actually considering moving away from the UK in the short term. It is not so much the fact that the UK government is introducing this particular tax, but more the manner in which it has been introduced and the constant criticism and condemnation of the sector over the last six months. Many foreign banks now believe the UK may well be a market decline and are looking elsewhere.

Whether this is actually a bluff to try and bring the UK government back onside remains to be seen but the fact is that foreign banks in the UK are upset at the way in which they have been treated in the short term. Let's not forget that the UK has shown significant growth over the last few years due in the main to the number of UK and overseas banks which have made London their home. Many feel that the UK government is turning its back on them purely and simply for political reasons. The danger is that other financial markets around the world could take up the slack and attract institutions from the UK.

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