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PPI Claim News - 13/1/2010

Credit Card PPI: Johnson warns of banker exodus

London mayor Boris Johnson has criticised the government's bonus tax, warning that it could lead to many bank employees moving abroad which would damage the capital in the long term.

He estimates that as many as 9,000 bankers, who are among London's most wealthy citizens, could leave the city for good as a result of the one-off 50 per cent levy on all bonuses above £25,000 announced in last month's Pre-Budget Report.

The comments seem to mark a change of tack for the politician, who has previously been critical of bank bonuses.

Mr Johnson has written to John McFall MP, chair of the influential House of Commons Treasury Select Committee, requesting an immediate inquiry into the impact of the new bonus tax.

Mr McFall last week criticised bankers for not living in the "real world".

In his letter, Boris Johnson said: "Even if institutions decide not to move out of London entirely, many will chose to relocate key functions and personnel in other places around the world perceived to be more welcoming than the UK," the Daily Mail reports.

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