HSBC has got itself into a bit of a stew over tax. Chris Spooner said last week to an institute conference that HSBC had moved HQ in the past and would consider it again, especially as the UK was increasingly a poor place to be.
Tax rates, and the tax base after anti-avoidance moves, have climbed (in my personal view, by too much, in that I continue to believe in low tax economies promoting growth). There will come a breaking point where it makes sense for companies to move abroad, and they will have a duty to their shareholders to do so.
I’ve written before about companies saying they don’t find the UK competitive and are going to move. I fear this is another case of it all being very well saying it: are you going to do it?