Vince Cable of the UK's Liberal Democrats, and widely thought to be the wisest commentator on finance in the UK House of Commons said yesterday:
I would like to see the Channel Islands, the Isle of Man and British dependent territories in the Caribbean closed down as tax havens. How can we have any form of tax integrity if territories under British jurisdiction are helping rich individuals and companies avoid the tax which other citizens pay?
He's right, of course.
And the Tories showed their real colours when Philip Hammond, a Conservative member of Parliament who speaks on finance said:
We do not believe it automatically follows that banks receiving taxpayer support should be required to close down their international operations
No of course you don't: that would harm your friends in the City. And your sources of finance.
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[…] If, Montebourg continued, the current French government cannot convince member countries of the Euroepan Union or its associates to suppress these unfair rules, he would advise them to do as former French President Charles de Gaulle did in 1963 with respect to Monaco, organising a customs blockade. This is reminiscent of what Willem Buiter recently recommended in his article “Blockade the tax havens.”We should add that these are, so far, just words from the French Prime Minister. We await action. Note that things are happening in Britain, too. […]
[…] We should add that these are, so far, just words from the French Prime Minister. We await action. Note that things are happening in Britain, too. […]