• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Opinion

It’s time we talk about Britain’s imperialistic overseas tax havens

Following the Covid-19 pandemic, it is no longer acceptable for the government to turn a blind eye to tax havens in overseas territories.

James Melville by James Melville
2020-09-12 07:35
in Opinion
FacebookTwitterLinkedinEmailWhatsapp

So while the economic fallout of the Coronavirus continues and the government prepares to hammer the self employed with national insurance rises, the UK tax haven territory networks account for over a third of the world’s corporate tax avoidance (£395 billion) – four times more than any other country in the world.

Of the top 10 countries allowing multinationals to avoid paying billions in tax on their profits, four are British overseas territories.

Research by the Tax Justice Network found the UK and it’s to be by far the world’s greatest enabler of corporate tax avoidance.

The British Virgin Islands, Bermuda, the Cayman Islands, Turks and Caicos Islands, Anguilla, the Isle of Man, Jersey and Guernsey all appeared on the list, with the UK as a whole ranked in 13th.

Economic uncertainty and potential closure

So while micro businesses, SMEs and supply chains continue to face economic uncertainty and potential closures due consequences of restricted trade brought about by the Covid19 pandemic, the government continues to turn a blind eye to the tax avoidance and evasion through the continued mountain of revenue stashed away in British overseas territories used as tax havens.

It is estimated that around 40 per cent of all multinationals’ profits worldwide are shifted to tax havens every year. Low-income countries lose about $100 billion each year through tax avoidance.

The network of British territory tax havens have their seeds in an imperialistic past. The offshore tax havens are in former UK colonies linked to their establishment in a bygone era of British empire. But we are now living in a day and age where the empire has gone and the UK is facing an unparalleled economic crisis through the Coronavirus pandemic and future economic uncertainty with a potential hard Brexit.

RelatedPosts

Elevenses: The Tractor War

‘Scam’ Cryptocurrencies and the ’looking glass’ world of finance

Elevenses: Stick It To The Politicians

If the local elections tell us anything, it’s that our democracy desperately needs a kiss of life

Britain needs every penny it can find

Right now Britain, needs every penny it can find. And the failure to address the offshore tax havens is a monumental waste of vital revenue streams for our national economy. The government must address this.

Britain has faced a decade of austerity where public services have been robbed of funding and public sector pay has been frozen.

In the private sector, according to a recent McKinsey online survey of UK SMEs, more than half view the country’s economy as very or extremely weak and half expect market stagnation or recession due to the Coronavirus crisis. 80 percent of SMEs say their revenues are declining.

And yet, despite all of this economic uncertainty for both the public and the private sectors, Britain leads the way in an unwanted ranking – corporate tax avoidance. Right now, Britain is a world leader in the worst possible arena. It is time for the government to address this. It’s in the national interest to do so.

2019 Tax Haven Ranking

  1. British Virgin Islands
  2. Bermuda
  3. Cayman Islands
  4. Netherlands
  5. Switzerland
  6. Luxembourg
  7. Jersey
  8. Singapore
  9. Bahamas
  10. Hong Kong

If Britain’s network were assessed together, it would be at the top.

Source: https://www.corporatetaxhavenindex.org/en/

Related: Almost £5 billion of coronavirus bailouts handed out to firms based in tax havens

Tags: headline

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Motorist who cops thought had abandoned car on pavement – but had actually PARKED it to visit family

Set For Life Results for Monday 25 April 2022 Tonight’s winning numbers

Everyone’s talking about Leeds United again

Man admits trying to rob Arsenal players as manager calls on star to shine

Investment Guide: Saving for your child’s university education

Express predicts ‘five-star’ year of trade as EU is ‘watches on with envy’

“Dangerous” suspect wanted over central London sex attack named

7 Of London’s Most Exciting Office Spaces

Abbott trade job sparks conflict of interest claims in Australia

Max Polyakov and Firefly Aerospace Shoot for the Moon with New Deal

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.