Instead of setting complex rules about bonuses, the Treasury should simply grab a share of the 40%-50% of the revenues that most investment banks set aside to distribute to staff, the study recommends.
Professor Karel Williams, the lead author among experts brought together by Manchester University’s Centre for Research on Socio-Cultural Change, said that little of the cash churned around the City was invested productively: “There’s a line between portfolio allocation, which is what the City does, and economic co-ordination, which we need.”
Don’t these people ever get bored? “Higher taxes” is not the answer to each and every question.
4 responses so far ↓
1 Andrew K // Oct 4, 2009 at 10:08 am
He has the look of someone who goes to Old Trafford every home match . . . to sell Socialist Worker outside the ground.
http://www.mbs.ac.uk/research/academicDirectory/viewProfile.aspx?sid=5032256
2 sean // Oct 4, 2009 at 10:24 am
money is power, and the population having power is not good when you are trying to monopolise power yourself.
3 InfoholicUK // Oct 4, 2009 at 10:50 am
The Treasury already get 40-50% of City bonuses. It’s called income tax and National Insurance.
4 Cleanthes // Oct 5, 2009 at 11:28 am
Infoholic,
53% I think, rising to 63% from April I think.
(40% PAYE, rising to 50% from April, 1% Employee NI + 12% Employer NI).
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