Thursday, Apr 30, 2009
Is this the nail in the coffin for crazy London house prices?
Bloomberg: London’s ‘Twin Pillars of Doom’ May Spark Hedge Fund Exodus
After helping to move 23 hedge funds to Switzerland from London in the past two years, David Butler describes the flow as a “steady trickle.” Now he’s bracing for a flood.
“Call it the twin pillars of doom,” said Butler, a founding partner at hedge fund consultancy Kinetic Partners LLP in London. “Put together the U.K. tax changes and what the ogres in France and Germany have created and you will see a mass migration.”
Butler said inquiries about relocations have gone up “by a factor of 10” since Britain pledged a new 50 percent rate for top earners on April 22
Posted by tyrellcorporation @ 02:02 PM (881 views) Add Comment
14 Comments
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1. The Baldman said...
As previosuly posted financial services are totally moveable except when they make losses and need a bailout. FS is not a good base for an economy!!
2. paul said...
Well, they could always stay - I'm sure they'd be very welcome ...
Or perhaps not.
3. Mr Plumbase said...
Parisites looking for a new host?
4. Mz said...
Aww, the poor blighters have to pay more taxes. My heart bleeds.
These parasites contributed to normal working people being prized out of London, so maybe with them leaving we can start going back to being a halfway normal city, as opposed to the Darwinian quasi-Latin American hellhole it turned into under New Labour. I say Good riddance, don't let your a*se hit the door etc etc.
5. will said...
Bye bye.
6. will said...
Actually it just goes to show you how greedy these folk really are, they want your money to make them rich, but don't want to pay taxes like the rest of us, back into society. I wonder if our hospital consultants will head for Switzerland ? I thought the new US President was making tax havens a thing of the past.
7. Soupdragon said...
One thing I find odd about this is that if such a rise in taxes has prompted the move, why didn't they set up in Switzerland in the first place? I'm sure the tax rate they will be paying in Switzerland would be less than it ever was here anyway? Anyway, it kind of balances out anyway, whilst the tax is low the cost of living is much higher there, I spent a year in Zurich and it cost me a small fortune, plus its not as much fun as London.
Wouldn't be surprised if the Swiss slap some heavier regulation on the financial sector anyway, the majority of folk there are furious with the likes of UBS and others for their losses.
8. David Hurst said...
Good riddance to them - greedy scum. The UKwill be better place without them
9. ketha said...
Yeah, good riddance. We've been burned by the greedy. I think we'd rather be poor and virtuous. Eventually they'll cause one crisis too many and that'll be that. I fear that some countries still haven't grasped it. The gods will always fail us.
10. drewster said...
The real shocker is that other countries manage to have safe streets, good schools, and clean hospitals; yet have a lower tax burden than us. Or is there something I don't know about Switzerland?
11. robh said...
It does appear that way. But the US doesn't have the nice things you mention unless you are one of the few. Europe seems better in parts but taxes are broadly similar to ours. This country would be much nicer if people didn't spend their time dropping litter and turds on it, tagging it, smashing it and being generally obnoxious. Overcrowding is a problem. Put the population of London in Switzerland and it wouldn't be sweet for long
I cant remember the reference, but I believe that I read a convincing piece about how growth/more people is doomed to failure as the added people are generally not rich. The whole place deteriorates while the richest get richer
What you (perhaps everyone) wants is a little haven
Isle of Man :) ?
12. robh said...
Just don't take the boyfriend or the cat
13. mander said...
Dangerous move to move to Switzerland. Let's not forget that Switzerland was on the black list of ofshore countries. Can they do business outside the world? Both Switzerland and UK will end up adopting EU rules. The bigger fish always eats the smaller fish especially now when the shark (America) is bleeding.
14. confused76 said...
London housing market is dooooooomed!
London letting stock is shooting through the roof.... BTL "investors" come home to roast!
http://media.primelocation.com/content/prime-index/prime-index-200904.pdf