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02 Sep 2010
Former chancellor Alistair Darling has admitted that the tax on bankers’ bonuses he introduced failed as City financiers devised “imaginative” ways to work around the rules.
Speaking at a financial services conference, Darling said the tax was unlikely to be reinstated by the current government as “the very people you are after here are very good at getting out of these sorts fo things” reports the Financial Times.
The 50% tax on bonuses over £25,000 had also failed to change the behavior of the industry over pay, he admitted.
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Visitor comments Add your comment
Surprise, surprise!
What will he tell us next?
That the pope is indeed catholic, or that bears are wont to defecate in the woods?
That he could not foresee this outcome is evidence that he was never fit to be chancellor.
Posted by: TonyTaff, 02 Sep 2010 | 00:00