It is rare that I come to the defence of a Bank. Poor Barclays has been used by the Government as whipping boys to show how macho they are with regard to the retrospective tax law change. First, tax avoidance is legal. Second, the person or people who should be held accountable are those who drafted the legislation in the first place. Third, it is enshrined in law that directors have a duty to maximise shareholder value and they were doing their job. I notice in the media there was no acceptance of responsibility from the Treasury or Government for this legislative error. If the Banks desert the UK, we will all be in deep trouble!rnThe following web link inspired this blog entry. http://www.bbc.co.uk/news/business-17199273rn
