Fears of talent leaving City ‘over-blown’


12:40 pm - October 15th 2010

by John B    


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From Financial News:

Not a single trading team from Tullett Prebon, the London-based broker which told employees they cold move abroad for tax reasons in one of the clearest signals of an exodus from London has moved, almost a year after the offer was made.

It is the second development in a week that suggests fears over core talent leaving the City were overblown.

So *nobody at all* at Tullett thought that they would be better off paying less tax to work somewhere that wasn’t in London.

I suppose some people might argue that although not emigrating, Tullett’s brokers are working-to-rule and deliberately ensuring they aren’t eligible for big bonuses, because they’d rather have 100% of nothing than 50% of a lot.

This doesn’t seem entirely convincing, given the personality traits of the trader-y types that I’ve encountered…

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About the author
John Band is a journalist, editor and market analyst, depending on who's asking and how much they're paying. He's also been a content director at a publishing company and a strategy consultant. He is a regular contributor to Liberal Conspiracy and also blogs at Banditry.
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Reader comments


And “the brokerdrain” isn’t the only instance of alarmism that Tullet Prebon have exposed this week.

Tim Morgan, Global Head of Research at Tullet Prebon, has come up with figures showing that the Coalition’s spending cuts are actually rather modest.

The spending plans outlined in the June budget reduce real-terms outlays from a projected £697 billion this year to £686bn in 2015-16. Spending then will actually be higher than it was in 2009.

http://www.cps.org.uk/index.php?option=com_content&view=cpsarticle&id=459&Itemid=17

I’ve been saying much the same thing here at LibCon for months. The cuts have been, and continue to be, terribly overhyped by the Left.

Not a single trading team from Tullett Prebon, the London-based broker which told employees they cold move abroad for tax reasons in one of the clearest signals of an exodus from London has moved, almost a year after the offer was made.

Hmm. I wonder if any political events might have happened in the last year that might have calmed jitters in the City. I seem to remember something happened back in early summer.

The cuts have been, and continue to be, terribly overhyped by the Left.

And by the right. That way, when the cuts happen and the world doesn’t end, the right can proclaim both their steely fiscal determination and the stupidity of the left for proclaiming the end of the world. Good isn’t it?

Of course the fears are over-blown. These city types (and their dupes in right wing comics that pass for newspapers in this country) are such blow hards; they always come out with the same tripe about moving abroad if we have the effrontery to tax their ridiculously over-inflated earnings…. and then, guess what…shock, horror… they don’t actually do it!

Most of them would soon get sick of whichever tax haven they might have been thinking of, probably can’t speak the language, and soon get homesick for HP sauce, decent pubs, and the many other things this country has going for it (in spite of the best efforts of successive excuses for governments to bugger it all up).

Why on earth do you think so many people from around the world still want to come here? (Clue: It sure as hell isn’t the weather).

Tell the jumped up, over-paid, empathy free free loaders that they are quite welcome to stay, provided they pay for the mess they got us into, and expect their taxes to go way the hell up. If they don’t like it, they shouldn’t let the door hit them in the arse as they leave the country… not that many of them will actually have the balls to do it!

Well Tim, I don’t think the City see many friends of the City in the coalition government. In fact, from some comments they have every right to fear them. Your interpretation might be right but I personally doubt it. The left are overhyping the cuts and are bizarrely following the right who overhyped the ‘ fiscal black hole ‘.

they always come out with the same tripe about moving abroad if we have the effrontery to tax their ridiculously over-inflated earnings…. and then, guess what…shock, horror… they don’t actually do it!

It won’t be taxation that shifts hedge funds and investment banks, it’s regulation that has the power to do that.

Why on earth do you think so many people from around the world still want to come here? (Clue: It sure as hell isn’t the weather).

It’s a good question. If you want two examples of events that assisted London’s position as a global financial centre, take a look at the creation of the Eurobond market, and the impact of Sarbanes-Oxley on primary listings.


Reactions: Twitter, blogs
  1. Liberal Conspiracy

    Fears of trading talent leaving City ‘over-blown’ http://bit.ly/cZN2L9

  2. Deborah Doane

    no surprise there. @libcon "Fears of trading talent leaving City ‘over-blown’ " http://bit.ly/cZN2L9

  3. Mash Bonigala

    Fears of trading talent leaving City 'over-blown' | Liberal Conspiracy http://bit.ly/9Mv1oT

  4. Pucci Dellanno

    RT @libcon: Fears of trading talent leaving City ‘over-blown’ http://bit.ly/cZN2L9

  5. The banker ‘exodus’ that failed to materialise | Liberal Conspiracy

    […] Friday we reported that people within the city had called such fears […]





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