GUEST COMMENT: If you kill the City, you'll finish off the UK
The text below is from an anonymous email that's been circulating around the City since the PBR. We've toned it down slightly where appropriate...
Last week, Chancellor Alistair Darling today unveiled his Coup de grâce in his and boss Gordon Brown's 5-yr campaign to level the United Kingdom to an economic wasteland, circa 1975.
As the people powering the engine that provides nearly 55% of ALL of Britain's income tax and 25% of its corporate tax receipts (in a bad year) reach for their passports and Google 'Monaco Tax Laws', henchman Darling dribbled gently that it was OK, as he'd lowered the tax-rate on
Bingo. Go Enjoy!..
With even the smouldering rubble that is Dubai now looking like a tasty alternative to the City of London, commentators noted how, if Darling had wanted to increase said revenues, he should have actually LOWERED rates a la Nigel Lawson in 1988(His slashing of rates from 60 to 40% turned London around and led
to a boom in Tax Take).
However, that clearly isn't the mission. The dark-eyebrowed one has instead diverted much of RBS' remaining Balance-Sheet to tax-avoidance accountants and slashed
LLOYDS Tier1 Capital neatly in half as they have to effectively DOUBLE bonus payments in a desperate bid to stop their key performers moving to NY.
Nope, our heroic duo rather like owning banks it seems, and the best way to do that is ensure they never return to profitability.
Net/net? The UK has had it. S&P, Fitch & Moody's are getting out the Tippex, whilst Messrs Brown & Darling have
accomplished their mission a full 5 months ahead of schedule...
Here are the keys, Dave... Best of Luck. She's a tad damaged..
