Banking exodus fears unfounded

UK bankers are still raking in a bigger salary than their peers in other countries, which suggests concerns about a feared exodus because of the 50% tax on salaries above £150,000 have been overblown.

Research by financial recruitment specialists Selby Jennings found that senior bankers are making twice as much after tax compared to those working in Geneva or Zurich.

It comes alongside George Osborne rejecting suggestions of another bonus tax on bankers, the FT reported, but a levy on bank profits was a possibility.

Further reading:

Basel chief says banking tax is "premature"

AATV: Top tax advisers discuss Con-Lib plans