City 'will be hurt by bonus tax'
London's role as a leading financial hub may be "damaged" by the new bonus tax, Barclays chief John Varley has told the BBC.
Mr Varley is the first senior British banker to attack the one-off 50% tax on large bonuses for bankers recently announced by the government.
"I think that London could well be damaged by this," he said.
The Barclays chief executive also criticised Labour for not ensuring a "predictable tax environment".
The bonus levy applies to bonuses of more than £25,000, and lasts until April next year. France has announced similar plans.
The tax is payable by banks, with bankers still having to pay income tax on any bonus they receive as usual.
Mr Darling predicted in his pre-Budget report that the tax would raise £550m, though banks have claimed it would raise far more.
'Laments' bonus tax
"Banks are competing globally - this bank, Barclays, competes with banks all around the world and we have to be able to compete on a level playing field," Mr Varley told the BBC.
IT'S THE "RE-CLEMENT ATTLEE-IZATION" OF BRITAIN.
AND IT WILL HAVE THE SAME EFFECT NOW AS IT DID THEN.
AND, OBAMA IS OUR ATTLEE.