The U.K. government’s decision to raise the top rate of income tax will leave residents earning more than 1 million pounds ($1.6 million) a year worse off than they would be in any of the world’s other major financial centers.
“People feel let down,” Nick Bacon, a London-based financial services tax partner at accounting firm KPMG, said in a telephone interview. “They thought that the U.K. could always be relied on as being tax-friendly.”
Oh dear. Poor darlings. As TUC general secretary Brendan Barber said:
I'm sure the seven and half million other Londoners will be over-flowing with sympathy today. Perhaps KPMG would like to set up millionaires' aid so that we can send donations.
The truth is that the recession that cost many Londoners their job was caused in the finance sector. It is only right that London's super-rich now make a fair contribution to putting right the damage.