This month the New York Times
republished a press release from discussed a recent report by the British Bankers’ Association, a lobby group. The NY Times article was entitled Britain Losing Its Competitive Edge in Banking, Trade Group Warns, and it began like this.
“The British government needs to take “urgent action” to address concerns about its regulatory and tax environment if London is to remain a global financial center and if lenders based in Britain are to remain competitive internationally, according to a banking trade group.”
Here we go again. Look at this latest piece of financial sector lobbying, courtesy of Reuters, which normally strives to be a fair and balanced news organisation.
This requires quite some unpacking. To begin with:
“Britain is prepared to review a tax on banks to head off the threat that large multinational banks like HSBC could leave London’s financial centre and shift their operations overseas, the Sunday Times reported, citing industry sources.
Finance minister George Osborne is to lay the ground for such a review in a speech this week, by saying that the newly-elected Conservative government is committed to maintaining the competitiveness of banks, the paper reported.”