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Morgan Stanley is cutting 300 credit-related roles globally. Approximately 200 jobs will be axed in the US with the remainder in Europe and a few in Asia, 50 redundancies are to be made in the London office.
The job losses come 2 weeks after the group announced it would make 600 people redundant in its mortgage [...] |
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Angry “non-domiciled” workers are threatening to leave Britain in protest at
the Chancellor’s plans to clamp down on tax avoidance by charging a £30,000
flat fee to stay outside the country’s tax system. <br/>
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The proposal will jeopardise thousands of jobs and lead to a brain drain,
industry leaders have cautioned. Concern is growing that Alistair Darling’s
proposal to charge a flat fee to non-doms who have stayed in the UK for
seven years will spark an exodus. <br/>
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One City-based Greek investment banker said the proposal meant he would not
stay in London after seven years. “I’m not in London for the weather,” he
said. <br/>
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A Swedish banker said: “The plan has created a great deal of uncertainty.
People are saying ‘what will stop the authorities continuing on that trend
and increasing the fee?’ and questioning whether it’s worth it. I have been
here for most of my working life but we may decide it’s not worth staying.’’ <br/>
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So far, the spotlight has fallen on the super-rich, including high-profile
figures such as Sir Philip Green, the retail entrepreneur, and private
equity bosses. But tax experts have said that middle-ranking wealthy
professionals, who do not see themselves as part of the elite, are more
likely to feel the pain from last week’s PreBudget Report. <br/>
<br/>
Alex Henderson, an accountant at PricewaterhouseCoopers said: “There will be a
class of people who may not even think of themselves as wealthy but who will
be made a lot worse off.” <br/>
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The shipping services industry said that the plans could drive away the
international magnates on whose business the sector depends. <br/>
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Jeremy Penn, chief executive of the Baltic Exchange, said that charging an
annual fee to non-doms would jeopardise 15,000 jobs and significantly reduce
earnings of £800 million in the ship-broking industry alone. <br/>
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He said: “The maritime services industry is very valuable to the UK economy
and a considerable portion of that arises from the fact an international
group, particularly Greeks, is based here in London.” <br/>
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David Asprey, the head of policy at the British Chamber of Shipping, said:
“They make such an enormous contribution to London being the world’s
maritime capital that we would be concerned about it. We would say, frankly,
they’re making a bigger contribution by being here than they would by paying
tax on their other business interests. Experience tells us that if you have
a penal tax system on people who choose to be here they will choose not to
be here.” <br/>
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Individuals with links to other countries are allowed to declare themselves
non-domiciled, exempting income earned abroad from tax. But after April,
nondoms who have stayed in the country for seven years will have to pay a
fee, expected to be £30,000, or pay tax on overseas earnings. |
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The two most attractive jobs in London’s arts world are up for grabs for some
City bigwig who likes that sort of thing - the chair of the Southbank
Centre, along with, as I have already written, the chair of the Royal Opera
House. Lord Hollick, who has been in charge of the riverside arts complex
for the past six years, has indicated his intention to leave and the powers
that be are casting around for his successor. |
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Thousands of jobs may be lost in the City of London, due to the turmoil in the financial markets, economists warn. |
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<b>LONDON</b> It reads more like a spell from a Harry Potter book than a
medical manual. But 300 years ago women having difficulty conceiving were
advised to drink the spit from a hare’s mouth. A rare copy of <i>The
Ladies’ Companion</i>, or <i>The English Midwife</i>, written by a
Bristol physician, Dr William Sermon, and published in 1671, is expected to
fetch £2,000 when auctioned at Sotheby’s in London next month. |
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The first bus loads of Iraqi refugees from Syria started arriving in Baghdad
yesterday, spewing out exiles who had run out of cash or visa extensions and
others who hoped that the city was returning to normality. Some had even
come back to fight the militants who drove them from their homes. |
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QinetiQ, the defence research business in which the chairman and chief
executive made more than £35 million on the flotation of the business, will
eliminate 400 jobs across the UK. |
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A clinical research firm locates its new global headquarters in Glasgow and vows to create 240 jobs over three years. |
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Hundreds of workers at the Scottish base of Prudential are told their jobs will be transferred to Capita. |
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Ancient pottery and a Roman coin are among artefacts recovered in London during digs at Olympics 2012 sites. |
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