Close down the UK’s tax havens

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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.