Quote:
Originally Posted by Ignitionnet
http://www.telegraph.co.uk/finance/n...Hong-Kong.html
HSBC didn't take funding from the tax payer but are being driven away by increased regulation in terms of capital requirements and taxation.
Prize to the first person to say 'Good riddance.' without thinking it through. 
EDIT: As a note the BBC report that HSBC say they've no plans to do so, could just be a bit of a PR exercise.
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so the tax cuts are working then?
I think they wont move its more they trying to lean on osbourne for some policy changes.
---------- Post added at 15:46 ---------- Previous post was at 15:43 ----------
Quote:
Originally Posted by Traduk
The only people who would say good riddance are those who do not really know how much of UK GDP is dependent on banking activity. OK so they screwed up big time by getting involved with USA inspired exotic loan instruments but the massive tax take from the banking sector under-pinned Labour's spend, spend policies.
The banks will recover as will global finance but if via the politics of envy and the animosity generated by the media feeding frenzy we are sidelined as that recovery takes place, we as a country will be a lot poorer if HSBC is just the first of many to leave.
The banks in the City are involved in a very big way with currency transactions involving trillions. Huge money is made through being in the money flow as fees are charged which although are tiny, a little of trillions soon becomes billions. We cannot afford to lose the status of a one of the major clearers of mega financial transactions and as they are electronic, that world is truly a global village with the players able to go wherever suits.
The finger pointing at the banks and politically inspired bank bashing may prove to be a pyrrhic victory leaving the UK severely injured.
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This leaves a very concerning question tho. Why have democracy when we have corporations that are too big to ignore their demands.