Sunday, December 20, 2009

Wish you weren’t here

Goldman Sachs threatens Spanish move

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 £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.

Posted by drewster @ 06:44 PM (1576 views)
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9 thoughts on “Wish you weren’t here

  • In that case maybe the government and possibly the EU should stop them trading over here altogether. Mobile talent Ha! – Mobile to$$ers more like.

    Time to play hardball.

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  • “We need a level playing field ” I absolutely agree, every other country should have the same taxes,good shout!!

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  • Good riddance!
    But, even better if the Spanish put forward a similar, modest, tax on greed.

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  • Let em leave! We eat no squids here

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  • Level playing field my @rse! The only reason they came here in the first place was due to tax breaks and enticements.

    What else do we have to offer in the UK, to attract the likes of GS?

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  • These people are dinosaurs (like BL in the 70s) do they not realise they are not particularly talented and overpaid.

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  • cat and canary says:

    Calamari is a delicacy in Spain!!

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  • If only 20% of the workforce is leaving then it means the UK is still the cheapest place to carry out business. Therefore we should tax them further. Anyway, £2B in corporation tax is peanuts.

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  • I hear that property is cheap in Spain at the moment – so why not take the whole business GS?

    But would the Spanish want them there?

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