With many of my clients being financial institutions, or constituents of the FTSE 100 I have a particular interest on how today’s changes will be viewed by big business and on high earners within these organisations. Is Britain, as the Chancellor proudly declared, ‘open for business’ or will we see high earners move away from the UK?

It’s an interesting one. In many respects, the UK still offers much to large corporations which is why we continue to see many businesses trading here. However, the ongoing furore over banker’s bonuses has led to some, including a Senior Executive at a Wall Street Bank to describe London as ‘the worst major City in the world to do business’.

Let’s imagine that bonus payments were no longer discussed in the media. We live in a world where individuals decide to work in a location purely based on the tax implications of doing so. By looking at today’s budget, has George Osborne done enough to ensure that, on paper, we have a viable and attractive tax system?

We have heard terms being used lately such as ‘tycoon tax’ and ‘mansion tax’ which imply that the wealthy should be penalised for being financially secure. Given that the top 1% of earners already pays 27.7% of all tax (ONS – 2011/ 2012); I believe that for the economy to prosper we need to welcome big business and their employees to this country.

After months of speculation the 50p top tax rate  will be reduced to 45p from next year. It is widely accepted that it actually brought in little revenue and maybe acted as a deterrent in attracting or keeping – top talent to the UK. However, scrapping it is a high profile move and the Chancellor has ensured that the rich are taxed in other ways including the reduction in tax relief on pensions, the so-called Mansion Tax (taxing properties over £2m), the Tycoon Tax (forcing all tax payers to pay a minimum of 20% on all sources of income) and through the expected closing of loopholes to clamp down on tax avoidance.

So, what have we seen today? Has the government played the PR game and given gimmicky names to serious tax issues to appease their voters; whilst trying to do the same with high earners by reducing the highest tax rate?

It is very difficult at this point to predict if the above steps will improve the economy. I am concerned that over time, we will become a country that welcomes big business (the reduction in corporation tax from 25% to 22% over the next 2 years appears to give this impression) but not those who work for these organisations.

Like it or not, we live in a capitalist society; an advanced one at that. By definition, capitalism creates competitive markets and in these markets some will fair better than others. For this system to continue effectively, we need to ensure that everybody is treated fairly, with respect and not as a pawn in an elaborate political game.