The UK's Stimulus Package For The US

Author:
Publish date:

Before Bear fell on its face and people had other thngs to worry about, there were massive amounts of smack talk coming from both sides of the Atlantic about whether New York or London was the true financial capital of the world. A couple trillion in losses later and the battle is still on. But while the Big O administration is considering regulation that looks draconian, the UK is busy producing a veritable blueprint for how to drive top financial professionals (and their business) out of London and out of the EU.
On top of the 50% tax for those earning over £150,000/yr and the prospect that your compensation may be the lead story on the evening news, Prime Minister Gordon Brown has indicated that top earners at British banks may have to wait up to 5 years to collect half of their bonuses. With some London-based hedge funds already considering packing up and moving to less punitive locations, should this most recent series of suffocating regulatory proposals lead to a mass exodus to places such as New York, the UK government may inadvertently wind up providing the Big Apple and the US with a true stimulus package.

Related