Why George Osborne is an idiot.

[mattx]

George Osborne's tax changes good for banks, say analysts | Politics | The Guardian

 

Looking after his own interests as usual........

[torledo]

George Osborne's tax changes good for banks, say analysts | Politics | The Guardian

 

Looking after his own interests as usual........

 

i agree he's an idiot, but then he'd only be the latest in a long line of chancellors making policy decisions based on such ideological stances...

 

at this point in time the reasoning behind the corporation tax cut is to make us more 'competitive' on the global stage, there are many countries where corporation tax was less than the old 28% rate. plus he's positioning the uk economic recovery to be private sector led [don't laugh], so i suppose tax cut for industry is the follow on step.

 

with the banks, i don't think any levy or tax hike imposed can be as useful as regulatory reform and the removal of the significant amount of moral hazard currently present with the alphabet soup of govt. supported initiatives [devised by the previous govt.] to prop up the sector.... SLS, CGS, QE....i'd like to see all this stuff curtailed or unwound. These are a far bigger deal as far as bank profitability than any net gains from the tax levy/corporation tax combo.

Edited October 22, 2010 by torledo

[Theblacksheep]

does the corp tax matter when most get away with what some people call clever use of tax experts and offshore tax rules?

[IanT]

Typical Tory looking after the rich!

[Gatt]

Typical Labour getting us in this mess in the first place :|

[AyatollahPies]

Whenever I read a post about politics on this board it's like being in Groundhog Day.

[torledo]

Whenever I read a post about politics on this board it's like being in Groundhog Day.

 

you could say the same about half [conservative estimate] of the technical posts on here.