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> "Is there opportunity to replace the salaries and tax revenue of 30,000-100,000 finance and finance-related jobs lost to brexit with equally well paying jobs?
by ZenoArrow 9y ago
> "Is there opportunity to replace the salaries and tax revenue of 30,000-100,000 finance and finance-related jobs lost to brexit with equally well paying jobs?"
Two points:
1. I see over-reliance on any one industry as a weakness. The idea would be to find constructive uses for the talents of those in the financial industry elsewhere. There are a diverse range of industries that could benefit from numerically literate people. To give one example, energy management is going to be a growing field as we move towards renewables, both in terms of planning new installations and in balancing the demands on the grid. Is that going to soak up all of the lost jobs? No, but I wouldn't want it to, otherwise we'd have another 'too big to fail' industry, the idea is to spread the talent around.
2. You point at lost tax revenues, but the financial services industry appears to be the worst offender when it comes to tax avoidance. I'd much rather people were employed in jobs where they paid tax, even if their nominal salaries may be lower.
To give some idea of how bad tax avoidance in the UK financial sector is, and how much other companies depend on UK-based financial institutions for their tax avoidance, take a look at the following links:
http://www.theweek.co.uk/62461/benefit-fraud-v-tax-evasion-which-costs-more http://www.theweek.co.uk/62461/benefit-fraud-v-tax-evasion-w...
http://www.taxjustice.net/topics/finance-sector/enablers-and-intermediaries/ http://www.taxjustice.net/topics/finance-sector/enablers-and...
https://www.youtube.com/watch?v=Hom07yGhg0Q https://www.youtube.com/watch?v=Hom07yGhg0Q
Also, to nip the whole 'membership of the EU helps clamp down on tax avoidance' line in the bud, the EU have known about schemes like the 'Dutch Sandwich with a Double Irish' for years and haven't put a stop to it, so their record isn't exactly stellar:
https://www.irishtimes.com/business/technology/google-used-double-irish-dutch-sandwich-to-move-10-7bn-1.2541273 https://www.irishtimes.com/business/technology/google-used-d...