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GUEST COMMENT: I will leave London if the Conservatives aren't elected

If I wake up tomorrow morning and find that we either have another Labour government or that the Liberal Democrats have somehow swung the balance of power, the City is going to look a lot less appealing.

Having looked at the parties' manifestoes, I have come to the following conclusions: the Liberal Democrats have crazy policies that would be a death knell for the City; Labour got us into this mess in the first place, and have built up no cash reserves to get us out of it; and the Conservatives may be elitist, but at least they have pro-business policies and are not threatening to tax the hell out of us like the other two.

The Tory manifesto makes it clear that they don't regard the 50% tax as a permanent feature of the UK tax system: it will be removed as soon as they can relax the cap on public sector pay.

By comparison, the Lib Dems are talking crazy policies. They want to restrict cash bonuses to 2.5k, to reveal the identity of people earning more than 200k, and to impose a capital gains tax rate of up to 50% - even on SMEs, which are the engine of jobs growth in this country.

Like it or not, the UK has become dependent on the financial services sector. We don't have many commodities, nor do we have a large manufacturing base. We are a financial services economy. And bonuses are the engine of the financial services industry. The Liberal Democrats, and Labour, need to appreciate that bonuses are a necessity in order for the British taxpayer to get its bailout money back.

Neither of them appear to do so, which is why - come tomorrow morning - a move to Hong Kong may look a whole lot more tangible.

The writer is a junior financial services professional, currently working in the City of London.

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AUTHORAnonymous Insider Comment
  • Yo
    You still here
    21 May 2010

    Good riddance, hope your flight to Selfish-stan wasn't delayed by too much ash or cabin crew strikes.

    Neo-liberal greed got th world nto this mess. In this country the government foolishly bailed out 3 sick financial institutions to the tune of how many tens of billions of pounds?? Socialising these debts causing the crisis in public finances.

    Capitalism is not supposed to reward failure, but I am affraid in your world failure does get rewarded. Bonuses when you can prove long term added value fine - guaranteed bonuses just for turning up and getting a shortterm pick up in performance - I dont think so

    Labour could have done better, the Tories/LibDems will tinker, but do the same and people like you will whinge and whine and create absolutely nothing of value

  • AK
    AK
    9 May 2010

    And never come back....

    However I have to say that the best approach for individuals would be to combine capital gains and employment compensation and tax the Total Income per year. It is rather strange that we have higher tax rates for people that work for a living than for people that speculate for a living.

  • Pl
    Please Leave Now!
    8 May 2010

    You are in denial. It is people like you who got us in the mess and it is people unlike you who got us out of a total catastrophe (at least for the time being).

  • He
    Hector
    7 May 2010

    Shame about Nick Griffin. He stood for most of our views but we were all too afraid to air them.

  • Gl
    Glad your gone
    7 May 2010

    Bye, now my young friends I hear there is a junior opening somewere in the City...

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