British Banks assume that the City accounts for about 2.4% of the national economy and losing London's position among the world's pre-eminent financial capitals would come at an enormous cost.
Banks are clearly saying that tighter caps on bonuses and higher taxes imposed by the government would potentially divert new investment elsewhere in the world.
The real problem is that bankers’ pay, even capped or taxed, far exceeds the incomes of millions of people that are struggling on a daily base against unemployment, mortgage payments and cuts in public services.
