Top bankers are quitting London because of the 50% tax that has been introduced by the current Labour government on bankers' bonuses.
The economy is in a mess largely because of bankers but pulling the economy out of the recession is also largely in the hands of bankers. Taxing them 50% on their bonuses is doing nobody any favours and instead pushing them away to countries like Hongkong, Singapore, Japan, Malaysia and the like.
The UK banking sector is the third largest in the world after the US and Japan. So if banks decide to move their offices to other countries, the UK is looking at another major dip in their economy.
Gordon Brown's Labour government needs to think long term rather than just about raising some tax revenue in the short term. Which by the way is estimated to raise only £550 million.
