Alistair Darling is admittedly moving closer towards his goal of quelling public outrage in the UK at bank and hedge fund compensation. Part of the solution appears to be threatening enough regulation that the high rollers at hedge funds decide the rewards of staying in London aren't worth the risk of lawmakers actually passing the proposed stifling legislation and are fleeing to recently tax cooperative Switzerland.
Richard Jordan a partner at law firm Thomas Eggar told Financial News: "Around 40% of my work involves advising people on ways to leave the country. We have reached a tipping point in terms of hostility to the UK tax system." Financial News estimates that hedge funds managing nearly £10 billion of assets have moved to the tax haven of Switzerland in the past year.
Evidently a Pyrrhic victory is more palatable to some that no victory at all.