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Monday, 11 May 2009

Crispin Odey finds his feathers ruffled and flaps his wings

More on the 50% tax rate from The Sunday Times:

"Crispin Odey has threatened to move his firm out of Britain to avoid the 50% income-tax rate on high-earners. He joins a growing list of Britain’s wealthy businessmen and City financiers, including Hugh Osmond and Peter Hargreaves, who have become disenchanted at the new tax rate and the European Union’s proposed changes to regulation of private equity and hedge funds. “We are seriously considering leaving,” said Odey, who runs the £3 billion Odey Asset Management. “This government is not interested in keeping London alive as a financial centre. Hedge funds are not yet flying but they are fluttering. Everyone is thinking about leaving.”

It would be interesting to hear the conversations in Odey family get-togethers. Odey's wife Nichola Pease is a member of the Pease banking family, whose privately owned bank was bought by what is now Barclays way back in the mists of time. Her sister is married to the current managing director of Barclays, John Varley. During Varley's time at the helm of Barclays the bank has not been averse to enhancing its Tier 1 capital with some forward planning in the tax department. No doubt he will be telling Odey that the inconvenience of living in Grand Cayman or Guernsey will be worth it if it brings forward his retirement date.

1 comment:

Demetrius said...

Goodbye Gordon we must leave you, We are off to save our loot,
We are going for some sunshine,
And giving Britain just our boot.

To the tune of "Goodbye Dolly" from the Boer War period.