Bank tax, government by popular policy
When will government give up attempting to create bad policy just because it will appear to be popular?
The latest bank tax announcement is a particularly good example, liked by the press and masses for about 5 minutes, its legacy like the Labours pension stealth tax could have long reaching consequences.
With banks making up a large proportion of the countries tax revenue it seems short sited to make it less attractive beneficial to base their operations in the UK.
Will this mean a mass exodus, no though it is likely to influence any decision as to where to base future expansion or contraction.
George Osborne why so near to the budget have you announced the tax change now? I would suspect it is all about publicity and being seen to do something.
As for the recent agreement regarding business lending targets, pitiful, there are a number of mechanisms in place to facilitate lending to small and medium sized businesses one being the small firms loan guarantee scheme, this has been intentionally sidelined by the banks and most have little knowledge of the product, why, because they don’t like it and will not use it. George Osborne could have used this as a mechanism for driving lending.
Now you may think I am a strong supporter of the UK banking system, you could not be further from the truth.
Though I am a supporter for well thought out policy designed to endure.
When will government give up attempting to create bad policy just because it will appear to be popular?
The latest bank tax announcement is a particularly good example, liked by the press and masses for about 5 minutes, its legacy like the Labours pension stealth tax could have long reaching consequences.
With banks making up a large proportion of the countries tax revenue it seems short sited to make it less attractive beneficial to base their operations in the UK.
Will this mean a mass exodus, no though it is likely to influence any decision as to where to base future expansion or contraction.
George Osborne why so near to the budget have you announced the tax change now? I would suspect it is all about publicity and being seen to do something.
As for the recent agreement regarding business lending targets, pitiful, there are a number of mechanisms in place to facilitate lending to small and medium sized businesses one being the small firms loan guarantee scheme, this has been intentionally sidelined by the banks and most have little knowledge of the product, why, because they don’t like it and will not use it. George Osborne could have used this as a mechanism for driving lending.
Now you may think I am a strong supporter of the UK banking system, you could not be further from the truth.
Though I am a supporter for well thought out policy designed to endure.
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