Monday, November 01, 2010

John Rentoul on the Banking Bonus Levy

This is not exactly new, but one the unfailingly Blairite commentator has been really getting on my nerves in recent weeks so I though't I'd point out one of his epic failures.

Here's all seeing, all knowing Blairite just under a year ago on the new levy on banking bonuses (my emphasis):
Not only is it arbitrary and indiscriminate, it is likely to be ineffective. Ways round it are certain to be found. No one seriously thinks that it will raise the £550m estimated by the Treasury.
And here's what actually happened:
The government said in September it raised 3.5 billion pounds ($5.5 billion) from a one-time 50 percent levy on discretionary bank bonuses imposed by the last Labour administration. The new levy will generate around 2.5 billion pounds annually, higher in net terms than the bonus tax, the government said today.

Why do people take him seriously?