It is doubtful the bank ever intended to leave and highly likely Osborne paid too tall a price to ensure it stayed. What does this say approximately the power of banks?Spring 2015 HSBC announces during the general election campaign that it is thinking approximately moving its global HQ from London to Kong Kong,citing unhappiness approximately City regulation in general and George Osborne’s bank levy in particular.
Summer 2015 newly reappointed chancellor in a majority Conservative government, Osborne announces he is going to reform the bank levy in a way that makes it less onerous for HSBC. The chancellor says it is time for a new settlement with the City, and demonstrates what that means by getting rid of Martin Wheatley as chief executive of the Financial Conduct Authority. Wheatley’s crime? Being too tough on the banks.
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Source: theguardian.com