The Economist is asking that very question. And its conclusion?:
So it seems very unlikely that any of these banks will emigrate soon. Still, inside them the idea of self-imposed exile has risen in salience: from a bluff to a plan B.
Yeh, yeh. Like lots of people I know say they might retire one day, but it looks like it’s forever postponed.
When The Economist thinks they’re calling bluff and can find no evidence that any of them have done any real planning the one realistic conclusion is they’re here for a foreseeable future that’s so long we need not take any such comments seriously.
Hat tip: http://twitter.com/DeborahDoaneWDM
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I understand the International School of Geneva has a waiting list of over 2,000. That’s hardly going to encourage a lot of bankers to form an orderly queue. The Economist editors ought to know this, some of their staff were educated there. (Oh, and you can’t bribe your way in, you have to wait your turn, whoever you are, sultan, prince,diplomat, or banker.)
@David Marks
Oh yes
Every university has by definition many more times applicants than places
And half these will be under 5s
To be candid, that’s BS in other wiords
My point was that not many bankers will uproot their families to Switzerland if they can’t get their kids into an english speaking primary or secondary school.
@David Marks
Sorry
But my point was a 2,000 waiting list is BS – these things are never true
So many fewer people are waiting than it implies – but the deterrent effect is good, I agree
If there was misunderstanding I apologise
Every retreating army makes its last stance somewhere. It seems like, for many tax evading companies, the country to do so may be Switzerland.
Like many have implied,these guys don’t really want to go to Switzerland. Or Singapore….
Here the important point is that, as globalization fails to reignite the world economy, things will start to happen.