Bankers continue to consider move abroad

The debate concerning Britain's bankers has reignited suspicion that many banks may move their money and their staff abroad.

In view of heavy UK tax burdens, European countries, such as Switzerland, have been considered by big name financial companies as alternative options to Britain and London in particular.

Michael Baxter, economics analyst at Investment and Business News, said: "There is a real danger that this [a banking exodus] might happen, Goldman Sachs have said they may well leave the country."

He explained this was due to banks being "completely vilified in the UK".

If banks were to relocate to a selection of different countries, Britons living abroad could benefit from wider employment opportunities.

Mr Baxter added: "There is no reason why London should be the financial capital of the world."

However, he said that the "subtle advantages" that the banks bought to London "may well never be recovered once they are lost".

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Posted by Thomas Smith