Are we seeing the death of the worldwide free market?
As news hits the headlines that Gordon Brown is set to try and lead an international vendetta against the banking sector which will see future bonuses and salaries capped there is concern that we are seeing the demise and the death of the free market. Is this really the way forward?
As Gordon Brown embarks on yet another international campaign, while leaving the UK economy in freefall, there is growing displeasure at the amount of time he is spending on international duty and away from the country. His recent adventure to America was seen by many as a plot to reinstate his political stature with a well-publicised speech to the American Congress. However, his latest attempt to influence a worldwide market on the subject of salary and bonuses may well be a step too far.
In effect what Gordon Brown is calling for is the breakup of the free market in which private companies are allowed to offer salaries and bonuses without influence by the authorities. Even though the financial sector has come in for serious criticism from political sources, the life of a banker and financial expert in the city can be very short lived due to stress and other complications. This ongoing vendetta by the UK government could force many of the best banking brains overseas and leave the UK economy short of this essential skills group.
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