Merrill UK will be expanding - to absorb those tax losses

Image via Wikipedia Now that Merrill's has booked $29bn of losses into its' UK entity [Merrill Lynch International], I suspect it may do some internal re-organisation in order to channel some profitable business to the UK so that it may absorb those tax losses. $29bn is lot too absorb so that equate to a sizeable expansion!

Bad news for the UK Government tax receipts, but hopefully good news for City workers who have been taking a battering over the last 12 months.