Barclays bank pay bonus

[RonJeremy 10]

There was always the option of bailing out the customers rather than the banks though. That might have been a better option. Let the failed banks go to the wall, but protect the assets of the prudent customers.

 

It seems that we've done the opposite.

 

Much as I hate to praise GB - he didn't have much time to act, and although he facilitated the Lloyds group taking over HBOScotland, which was obviously a mistake for them (a prudent bank), it was the rightish thing to do at the time. He did try to support some of people's savings up to £30k IIRC. He had to do something.

[Guest sibon]

Much as I hate to praise GB - he didn't have much time to act, and although he facilitated the Lloyds group taking over HBOScotland, which was obviously a mistake for them (a prudent bank), it was the rightish thing to do at the time. He did try to support some of people's savings up to £30k IIRC. He had to do something.

 

No doubt. Maybe he made the right decision, I'm not so sure (this is odd, you are the Tory, I'm the red:D).

Now that the dust has settled, I think that it is time that we had a proper inquiry into the bail outs.

 

We really can't allow the situation to persist where the banks feel invincible. If market forces are so very healthy, it is time to get them to blow up the bankers' kilts again. At about -5 celcius:)

[vinyl 10]

Hehe you spotted it before I corrected the mistake. I added Cayman Islands because the documents Barclays got the Guardian to remove from their website, exposed their activities there... but clearly in retrospect made no sense when talking about local tax havens... It only took me a moment to realise my mistake, you must have been quick!

 

So as tax haven exist all around the globe it is hardly relevant at all. Monaco exists as a tax free state and attracts high rollers who spend their money and support one of the worlds richest economies.

Barclays are based in London. So what . It offers them little these days. French, German, Italian banks haven't done too badly without being here. They set up in their own countries and pay local taxes. What is serious is when one of them decides to up sticks and move elsewhere, taking theitr jobs, and tax revenues with them. That is what we are facing here. But never mind in their place we can import a load of benefit scroungers via the Channel Tunnel who will probably vote for your chosen political party.

[Guest sibon]

So as tax haven exist all around the globe it is hardly relevant at all. Monaco exists as a tax free state and attracts high rollers who spend their money and support one of the worlds richest economies.

Barclays are based in London. So what . It offers them little these days. French, German, Italian banks haven't done too badly without being here. They set up in their own countries and pay local taxes. What is serious is when one of them decides to up sticks and move elsewhere, taking theitr jobs, and tax revenues with them. That is what we are facing here. But never mind in their place we can import a load of benefit scroungers via the Channel Tunnel who will probably vote for your chosen political party.

 

Most of the jobs will stay. I can't see HSBC closing down their UK operation. It would be a bit tricky to shift First Direct to Hong Kong, given their marketing.

 

HSBC will still have a high street presence too. The jobs that do go will be the high rolling ones. We might lose a bit of tax there, but I suspect that the guys who move will be pretty good at "minimising" their tax bill. We might gain by having a property market that isn't ridiculously skewed by merchant bankers.

 

As for losing tax revenues from the banks themselves, you are having a giraffe aren't you.

Edited March 9, 2011 by sibon

[SimpyTimpy 10]

To be fair, Barclays didn't need a bail out and they are a profitable bank, so the salaries are probably best left to the shareholders.

 

In any case, £6.5m won't go very far. Have you seen the price of yachts these days?

 

That's a difficult one though - although Barclays didn't directly receive funding from the Government, it could easily be argued that they benefited tremendously because of the bail-outs.

 

In terms of the £6.5m bonus, it's just a case of what the market is paying, and I'd assume that the bonus was decided upon by the Board of Directors which are voted in by the shareholders.

 

Corporate Democracy - the general public doesn't have a say in how Barclays' profits are used, but only in the market they operate in.

[SimpyTimpy 10]

Most of the jobs will stay. I can't see HSBC closing down their UK operation. It would be a bit tricky to shift First Direct to Hong Kong, given their marketing.

 

HSBC will still have a high street prescence too. The jobs that do go will be the high rolling ones. We might lose a bit of tax there, but I suspect that the guys who move will be pretty good at "minimising" their tax bill. We might gain by having a property market that isn't ridiculously skewed by merchant bankers.

 

As for losing tax revenues from the banks themselves, you are having a giraffe aren't you.

 

Great article on this very subject in This is London - link:

 

http://www.thisislondon.co.uk/markets/article-23929809-move-to-honkers-would-be-bonkers.do

[RonJeremy 10]

Most of the jobs will stay. I can't see HSBC closing down their UK operation. It would be a bit tricky to shift First Direct to Hong Kong, given their marketing.

 

HSBC will still have a high street prescence too. The jobs that do go will be the high rolling ones. We might lose a bit of tax there, but I suspect that the guys who move will be pretty good at "minimising" their tax bill. We might gain by having a property market that isn't ridiculously skewed by merchant bankers.

 

As for losing tax revenues from the banks themselves, you are having a giraffe aren't you.

 

The problem arises when they move their HQs abroad along with their trading rooms and all the high rollers who pay tax here and employ people etc. We don't want them to leave. They have paid huge amounts of tax over the years. It is annoying when someone has a flash suit, a better car than you and earns a lot of money, but life's like that. Sorry but it is.

[SimpyTimpy 10]

The problem arises when they move their HQs abroad along with their trading rooms and all the high rollers who pay tax here and employ people etc. We don't want them to leave. They have paid huge amounts of tax over the years. It is annoying when someone has a flash suit, a better car than you and earns a lot of money, but life's like that. Sorry but it is.

 

Agreed completely - the difficulty sometimes is trying to put a value on their contribution to the whole economy.

 

Sure, they earn a fortune (in some cases) but without the tax that they pay (and I understand that a few try and avoid this as much as possible through loopholes) we, as a country, wouldn't be able to employ as many teachers, police officers, nurses etc.

 

In terms of HSBC in particular, the location of a HQ of a Financial Institution is more to do with political stability more than anything else, and considering the most stable of countries seem to have a similar agenda in terms of increasing taxation and regulation on banks (Europe, North America), I can't see any of the major banks moving any time soon.

 

Oh, and to add, it's worth looking at the financial results posted by HSBC to see the proportion of profits which came from the UK; Asia Pacific was significantly stronger.

[Guest sibon]

The problem arises when they move their HQs abroad along with their trading rooms and all the high rollers who pay tax here and employ people etc. We don't want them to leave. They have paid huge amounts of tax over the years. It is annoying when someone has a flash suit, a better car than you and earns a lot of money, but life's like that. Sorry but it is.

 

I know that it is. And I have a lovely suit, car and bank account, so I'm hardly in the moral high ground. Others have nicer ones though:)

 

The fact remains that the banks should pay their proper share of tax. At the moment, they should not even be doing their traditional evasion thing, because without the UK taxpayer, some would not be here. I really couldn't care less if the high rollers leave. If the banks move, which is very doubtful, we can just hit them (us) with a transaction tax. If the high rollers leave, we should take their citizenship until they agree to pay UK tax.

 

Our only other option is to ask them for a voluntary contribution to UK PLC. We'd probably net more that way than by applying the current tax rules.

[Guest sibon]

 

Oh, and to add, it's worth looking at the financial results posted by HSBC to see the proportion of profits which came from the UK; Asia Pacific was significantly stronger.

 

And it has been for some time. These things are cyclical though and as our economy recovers, the ratios will change. Just ask the Japanese:cool:

[RonJeremy 10]

I know that it is. And I have a lovely suit, car and bank account, so I'm hardly in the moral high ground. Others have nicer ones though:)

 

The fact remains that the banks should pay their proper share of tax. At the moment, they should not even be doing their traditional evasion thing, because without the UK taxpayer, some would not be here. I really couldn't care less if the high rollers leave. If the banks move, which is very doubtful, we can just hit them (us) with a transaction tax. If the high rollers leave, we should take their citizenship until they agree to pay UK tax.

 

Our only other option is to ask them for a voluntary contribution to UK PLC. We'd probably net more that way than by applying the current tax rules.

 

I disagree strongly with this. They pay high taxes. And support our economy.

[SimpyTimpy 10]

And it has been for some time. These things are cyclical though and as our economy recovers, the ratios will change. Just ask the Japanese:cool:

 

Yep - I think it's quite likely that there'll be a number of changes to how the financial services operate in the UK. Infact, I think if it weren't for the Financial Crisis and "backlash on Bankers", we would have seen a charging system for Current Accounts across the board.

 

I predict that within the next 10 years, the majority of people will pay a monthly charge for their bank account services.

 

Asia Pacific is growing at a huge rate, and wealth creation is at an all time high. Markets such as Japan and the UK are quite stagnant and increasing profit margins on customers in these markets is much more difficult; especially in times where consumers are borrowing less and more aware of interest rates etc.