‘New research by the campaign group Tax Justice Network suggests a global plutocracy has exploited gaps in cross-border tax rules to hide an extraordinary $21 trillion [£13 trillion] of wealth offshore in tax havens.
‘This gargantuan sum is difficult to comprehend, but it becomes more understandable at a parochial level. According to an earlier report by the PCS union, the Tax Justice Network and War on Want, the use of tax havens costs the UK taxpayer at least £16bn a year, double the annual budget of the Department for International Development.
‘That many of the tax havens depriving UK taxpayers of billions of pounds are crown dependencies and British overseas territories should be a subject of acute national embarrassment. It should also be a source of profound concern. Tax havens perpetuate wealth inequalities by depriving governments of legitimate revenues that should be used to address social problems ...
‘Politicians must also step forward. Ed Miliband has made the right noises by calling for Jersey, Guernsey and the Isle of Man to reveal the identity of British tax evaders with money hidden on the islands. But more needs to be done to make more accountable those in the City who push tax havens.’
Editorial, The Observer, 21 July 2012
This news story was first published on 23 July 2012
‘New research by the campaign group Tax Justice Network suggests a global plutocracy has exploited gaps in cross-border tax rules to hide an extraordinary $21 trillion [£13 trillion] of wealth offshore in tax havens.
‘This gargantuan sum is difficult to comprehend, but it becomes more understandable at a parochial level. According to an earlier report by the PCS union, the Tax Justice Network and War on Want, the use of tax havens costs the UK taxpayer at least £16bn a year, double the annual budget of the Department for International Development.
‘That many of the tax havens depriving UK taxpayers of billions of pounds are crown dependencies and British overseas territories should be a subject of acute national embarrassment. It should also be a source of profound concern. Tax havens perpetuate wealth inequalities by depriving governments of legitimate revenues that should be used to address social problems ...
‘Politicians must also step forward. Ed Miliband has made the right noises by calling for Jersey, Guernsey and the Isle of Man to reveal the identity of British tax evaders with money hidden on the islands. But more needs to be done to make more accountable those in the City who push tax havens.’
Editorial, The Observer, 21 July 2012
This news story was first published on 23 July 2012
