Boris Johnson invites German, Italian and Spanish banks to move to the UK

Got to love this guy !

Boris Johnson invites German, Italian and Spanish banks to move to the UK.

Mayor of London Boris Johnson has called on major European banks to think about relocating their headquarters to London if Europe goes ahead with plans to implement a financial transaction tax.

Mr Johnson said that banks from all over the euro zone were likely to flock to the UK if the European Union went ahead with the new charge, which would put a tax on trading by financial institutions.

“I would advise German, Italian and Spanish banks to move their HQ’s here to London so that they can escape the tax on their operations around the world and as for the French, they are already here,” said Mr Johnson.

The measure has provoked stern criticism from the Mayor, and has also been challenged by the British government. Although it is likely to raise more than £10bn, banks have warned that it will lead to higher trading costs for customers and less liquid markets.

Pensioners facing higher charges on their funds will be hardest hit by the charge, since they could end up losing hundreds of pounds.

Supporters of the tax have responded by saying that the funds raised could be used to help developing countries and support domestic welfare programmes.


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