Darling: banking bonus tax won't "raise that much".
- Darling admits bankers bonus tax won't pull in much cash
- But he's adamant that it's worthwhile to set an example
- Tories accused Darling of withholding embarrassing information
Chancellor Alistair Darling has admitted that the 50% levy on bankers bonuses above £25,000 is effectively gesture politics that will “not actually raise that much”.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more