Tuesday, April 28, 2015

Rats leaving a sinking ship

We're looking' at headquarters issues, Standard Chartered says

Halford was speaking after the bank reported a 22 percent drop in profits in the first quarter as losses from bad loans jumped 80 percent from a year ago and trading conditions remained challenging. Some shareholders have told Reuters they want Standard Chartered to follow its rival HSBC (HSBA.L) and formally review its home base after a jump in the bank tax this year. "The potential for HQ relocation (to Singapore) is gaining greater traction

Posted by mark @ 01:29 PM (3996 views)
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2 thoughts on “Rats leaving a sinking ship

  • Good riddance.

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  • The same noises went up when Pitt introduced income tax (10%, but only on the very wealthy) at the end of the 18th C. ‘This strikes at industry and the fruits of industry’, ‘encourages a spirit of migration’ etc.

    In this century corporation profits have risen far, far faster than the Corporation Tax take, despite the proportion of total CT take paid by small companies (profits <£1.5m) rising from 15% to 35%. Plus the Treasury and the Dave Hartnetts still at HMRC are committed to dealing with (big) 'customers' in a 'non-confrontational' way.And despite everything that Cameron and libertas say there is little correlation between tax rates and economic growth and any correlation there may be is positive (tax cuts for the wealthy and big business leading not to greater private investment but to lower public investment, greater inequality and lower productivity).

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