Boris’s scaremongering over ‘banker bashing’ not backed up by evidence

Right wing claims from Boris Johnson amongst others that fairer taxation and increased regulation in the financial industry would do “long-term damage for short term political gain” have been shown up as scaremongering not backed up by evidence.

Boris-Johnson According to this morning’s Financial Times, London remains the world’s top location for banking and other financial services - even though some predicted a mass exodus of banking staff and revenue if there were any changes to the financial system.

Offshore centres such as Jersey and the Cayman Islands, meanwhile, continued their slide.

The Financial Times reports:

London’s cheerleaders greeted the rankings with relief, saying they reflected a growing sense that the capital is emerging from the financial crisis with its global reputation intact, despite tougher regulation, new taxes on banks and higher earners and a spate of “banker-bashing” by top politicians.

Late last year HMRC collected £3.4 billion in a bankers’ bonus tax and has since implemented a permanent levy raising £2.5bn a year. However, the flagship Project Merlin – aimed at creating a new footing between banks and the public based on transparency and fairness – was widely derided as extremely tame.

Liberal Democrat peer Lord Oakeshott even resigned as a Treasury spokesman over the government’s deal on banking, saying:

“If this is robust action on bonuses, my name’s Bob Diamond.”

A fair and transparent tax policy and safer regulation of the banking industry are essential to being part of a civilised and grown up world economy that will benefit to us all – even the most ardent capatalists.

http://twitter.com/greenleftie/status/49910396647247873 Michael Bater

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence: http://bit.ly/gDcE7Y reports Dominic Browne
http://twitter.com/janedaisypain/status/49911649569746944 Jane Phillips

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence: http://bit.ly/gDcE7Y reports Dominic Browne
http://twitter.com/boriswatch/status/49913806062751744 Boris Watch

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence: http://bit.ly/gDcE7Y reports Dominic Browne
http://twitter.com/celestialbeard/status/49913964179619841 Thom J.

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence: http://bit.ly/gDcE7Y reports Dominic Browne
http://twitter.com/press_not_sorry/status/49916578829041664 Press Not Sorry

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence: http://bit.ly/gDcE7Y reports Dominic Browne
http://twitter.com/superretroid/status/49919063576686592 Paul Wood

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence: http://bit.ly/gDcE7Y reports Dominic Browne
http://twitter.com/spsot/status/49923463191867392 Spir.Sotiropoulou

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence http://bit.ly/hmWl1O
http://twitter.com/cguthier/status/49925726224384000 Christian Guthier

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence http://bit.ly/hmWl1O
http://twitter.com/oldmankelv/status/49931178005901312 Kelvin John Edge

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence: http://bit.ly/gDcE7Y reports Dominic Browne
Mr. Sensible

Couldn’t agree more; we’ve simply heard all this scaremongering before.
http://twitter.com/mswigsy/status/49977939495895040 Wendy Maddox

RT @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence: http://bit.ly/gDcE7Y reports Dominic Browne
Thomas

Instead of saying Boris is factually wrong, why not push to DESTROY London’s position as the world leading parasitic black hole for money? It is a sector whose growth is necessarily linked to suffering and inequality.
David Mullen

What’s the betting that Boris will get a seat on the board of a bank if he loses the mayoral election?
http://twitter.com/myinfamy/status/50225733288730624 Daniel Pitt

Boris's scaremongering over 'banker bashing' not backed up by evidence: http://bit.ly/gDcE7Y #ConDemNation
http://twitter.com/cllrkrichards/status/50331763918110720 Kevin Richards

"Be responsible for your actions" @leftfootfwd: Boris's scaremongering over 'banker bashing' not backed up by evidence http://bit.ly/hmWl1O
http://www.leftfootforward.org/2011/11/suburbia-key-battleground-london-mayoral-general-election/ Suburbia will be the key battleground in the London and the General Elections | Left Foot Forward

[...] is just as ideologically driven as George Osborne and David Cameron – as evidenced by his defence at any price of the city and bankers who caused the world’s financial [...]