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25 April 2017 00:55 (South Africa)

British government shocks City of London over heavy bonuses tax

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

alistair darling

On Wall Street, Goldman Sachs and JP Morgan are about to give huge bonuses to their traders. But in Britain the public is still so angry over this issue that government is about to return some of their money by putting a 50% tax on bonuses exceeding $40,000. The bankers and brokers are pretty upset by this, as this affects not only the City of London, but the subsidiaries of Wall Street firms as well. But it will please the American public, who are shell-shocked that Goldman et al could even think of awarding bonuses – they’re talking some $20 billion each -- that match those paid in the boom years. US market watchers don’t think this tax could happen across the pond, so the American taxpayers are about to get some revenge through their UK counterparts by proxy, instead. Read more: The New York Times

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

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