Discussing HSBC's Bank Levy response on Sky News

News broke this week that HSBC are slashing 8,000 jobs in the UK and considering moving their headquarters away from London, in part as a result of the Bank Levy.

My colleague Alex Wild has talked about the bank levy - and the Treasury's rather optimistic revenue projections - on these pages before, but it's worth making the point that HSBC is more or less a perfect example of how too-high taxes are inherently counter-productive. A so-called bankers tax might be popular, as in the imagination it's just hitting less-than-popular City workers. HSBC's announcement makes it clear, though, that high taxes "on businesses" end up hitting shareholders, employees and customers.

I discussed exactly this on Sky News last night with Adam Boulton, alongside Mark Garnier MP. You can see a video of the discussion here.