Channel Islands’ VAT abuse has cost the UK at least £475 million

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The House of Commons library has issued a new briefing sheet on VAT abuse involving the Channel Islands. It's available here.

The main point is that it has cost the UK Exchequer (who are bound to have undervalued this sum) at least £475 million over the last four years.

Now what could that have been used for?

Two new hospitals free of PFI, anyone?

Hat tip to Richard Allen