The Laughing Gnomes
The Government could lose hundreds of millions of pounds in revenue as the result of a Swiss campaign to lure hedge fund executives away from London with a promise to halve their tax bills.
Multimillionaire managers are being wooed with offers that enable them to keep their funds in offshore havens and reduce their taxable incomes with official backing.
The argument is that Switzerland combines natural beauty with a stable environment and, in many cases, low taxes. They contrast their “pragmatic approach” with British taxes, which they say have become punitive.
So why wouldn't you relocate? Of all the damages to our economy the stupid kneejerk bashing of the bankers may turn out to be the most damaging done by Brown.