Darling's raid will drive away bankers - Applewood

Commenting on the Chancellor's Pre-Budget Report, Hartey says the UK - already at risk of losing its AAA rating - will now become even less desirable as an investment centre. He says bankers will bear the brunt of Darling's clampdown. "The UK has some of the finest banking talent in the world - but this will go elsewhere," he predicts. The combination of the top rate of income tax, the bonus levy and national insurance contributions, says Hartey, could mean some bankers effectively working for around 20 pence in the pound. "It's a throwback to the old days of the 70s," he says. ...