Sunday, December 20, 2009
Wish you weren’t here
Goldman Sachs has threatened the UK Treasury with plans to move up to 20 per cent of its London-based staff to Spain in a stand-off over tax and bonuses. It's believed that the Wall Street investment bank, which paid more than Â£2bn to the Exchequer's ailing coffers in corporation tax alone last year, has fired a warning shot across the Government's bows in response to the tax measures unveiled in the pre-Budget report earlier this month. Barclays' chief executive, John Varley, waded into the bonus debate on Friday, warning that talent was likely to flee London because of the tax. "This is a global industry and talent is mobile. We need a level playing field to make sure that we can compete with the best companies in the world," he said.