50% rate will make London the tax capital of the world!
LONDON, England - March 9, 2010 - London will become the most highly taxed financial center in the world when the new 50% income tax rate for those earning £150,000 or more comes into force next month.
Taxes will be higher than for financial workers living in the other key centers of New York, Paris, Frankfurt, Geneva, Zurich, Dubai and Hong Kong.
The findings will raise fears that Labor's levies are driving businesses and bankers overseas and threatening Britain's competitiveness.
Terry Smith, chief executive of broker Tullett Prebon, warned yesterday that increasing taxes on workers and companies would only hinder the economic recovery.
He also accused Labor of “criminal negligence” by racking up a budget deficit in the boom times rather than saving money for a rainy day.
“The UK economy is an utter disaster on any number of fronts,” said Smith.
Taxes will be higher than for financial workers living in the other key centers of New York, Paris, Frankfurt, Geneva, Zurich, Dubai and Hong Kong.
The findings will raise fears that Labor's levies are driving businesses and bankers overseas and threatening Britain's competitiveness.
Terry Smith, chief executive of broker Tullett Prebon, warned yesterday that increasing taxes on workers and companies would only hinder the economic recovery.
He also accused Labor of “criminal negligence” by racking up a budget deficit in the boom times rather than saving money for a rainy day.
“The UK economy is an utter disaster on any number of fronts,” said Smith.
