The budget is bad news for the City of London, which looks likely to lose jobs as high earners choose to be based overseas. However, it’s not all bad. Yesterday’s revelations could herald the creation of new positions in some areas. And they are –
Tax law and tax accounting: Willem Buiter says tax accountants will thank the government for taking such good care of them. With people earning more than 1m-a-year paying an additional 87k in tax, careers in tax law and accountancy are definitely on the way up.
Government bond syndication: The mushrooming of UK government debt to 80% of GDP and the resulting issuance of 220bn of gilts is reviving the ancient art of syndications as a means of distributing government debt. The Financial Times says this will be the first time in four years that syndications have been used. Surely syndication desks will require strengthening as a result?
Corporate accountancy: Because the budget established a statutory requirement for a senior accounting officer to personally certify whether a company’s accounts are accurate (and to face personal penalties if not), there are suggestions that Britain is veering towards a Sarbanes Oxley-style regime. Needless to say, Sarbanes Oxley was extremely lucrative for US accountants.
Alternative energy infrastructure funding Offshore wind farms will receive 525m following the budget, which is expected to help transform wind power in the UK.. More big windpower projects= more people needed to raise the money to finance them.