UK government paying the price for more financial taxes
It has been revealed that JP Morgan is looking to base its new head of International business away from the London arena in protest at the ever-increasing financial burden which the UK government is placing in the UK financial sector. We have seen introduction of specific financial taxes, pressure to increase liquidity and indeed the European Union is also attempting to hijack the UK's international investment market standing. So is this a short-term protest or a change for the longer term?
The truth is that for some time the UK financial arena has been one of the most powerful in the world and is likely to remain so for the foreseeable future. However, the short-term problem with regards to financial taxes is causing some concern within the financial arena and indeed many international companies will hold off from investment in the UK in the short to medium term.
Thankfully, in the long term the UK's standing on the worldwide arena is still relatively strong and assuming that the UK government does not continue to introduce tax after tax after tax to the financial arena then we should return to business as usual in due course.
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