Banks Still Adding Jobs In London, Despite Taxes

Bloomberg:

Investment banks in Europe's financial capital are adding jobs, helping to bolster headcounts at law and accounting firms across London, as the rest of Britain struggles to recover from the worst economic contraction since the 1930s. Chancellor of the Exchequer George Osborne, who delivers his budget today, has little alternative except to do all he can to keep companies such as Barclays Plc (BARC) and HSBC Holdings Plc (HSBA) from leaving London.

Read the whole story: Bloomberg

Comments

[FoxIslander]

02:47 PM on 03/23/2011

...remember GS's shrill threats that financial reform would drive the banking industry away from NY and London to Dubai and Switzerland?...what a load of garbage. Blood sucking squid.

[jtabs]

02:34 PM on 03/23/2011

The whole conservative tax argument is and always has been (pardon the pun) a "red herring." This is not to say that taxes are a business consideration, but in the scheme of things are not near the top with respect to US small business decisions and especially with respect to entrepreneurial start-up. Major business expansion decisions are based primarily on anticipated and/or projected sales increases and hiring decisions always lag. If business doesn't think that there is additional business to be had then they will look to cut and will wait until the economy turns upward. Large business didn't relocate to foreign shores for the tax treatment, but because of lower production costs, extremely relaxed regulations (regarding safety, pollution etc.) and emerging markets for there wares.

[dbw53022]

01:44 PM on 03/23/2011

Hmmmm growing jobs AND raising taxes? Doesn't this fly in the face of every Republican argument made here in the US?