According to the Telegraph HSBC is preparing to relocate its HQ from London to Hong Kong due to increasing taxes and extra layers of EU regulation heaped on the City of London. Thanks to higher taxes and the suffocating bureaucracy being imposed on businesses, the UK is becoming uncompetitive.
Warnings that bankers could desert the UK if the government interfered in their bonus schemes were dismissed with a sneer by the likes of Vince Cable. But while focusing efforts on playing the gallery on that trivial matter, the government seems to have missed the frustration of entire corporations that have the capacity to move their headquarter operations out of the country.
If HSBC decides to relocated the impact will be billions of pounds less in the UK Treasury coffers. It will be this idiotic grandstanding government and unaccountable EU bureaucrats to blame for such a move and the harmful impact on our economy.