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Lord Myners attacked by City leaders

Leaders of some of the U.K.'s largest banks, financial institutions and investment funds are now calling for Lord Myners, the UK government minister for the City, to become more active in pushing through his new proposals rather than lecturing the City on a daily basis. Those who follow the financial markets in the UK will be well aware that Lord Myners has issued many new initiatives, comments and propositions for the financial markets over the last few weeks without actually detailing how these changes can be brought in.

One such issue which appears to be upsetting the financial world at the moment is the banking bonus tax which could ultimately cost shareholders in the end. Many people believe that to attract and maintain quality teams in the financial sector there is a need to pay attractive bonuses with a fear that shareholders will be forced to cover the taxation on these bonuses in the short to medium term. Any additional capital spent on the cost of running a business obviously comes out of overall profits which then impacts upon investor returns.

Many new initiatives from the government are well-meaning but more and more there appears to be a trend of transferring these extra costs to business expenses which obviously impacts upon overall profitability and shareholder returns.

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