Politicshome reported yesterday that:
Sir Nicholas Macpherson, who announced his departure from the Treasury in April this year, is set to take up a two-day-per-week role as chairman for C Hoare & Co - a bank for wealthy individuals.
According to its website, the family-run bank - which is the oldest in the UK and the fourth oldest in the world - offers clients help netting “the best after-tax returns” as part of its offshore investment management wing.
As they also noted:
Tax campaigner Richard Murphy said the appointment suggested an "open door arrangement between the top levels of the UK civil service and the organisations that serve the financial elite".
He added to PoliticsHome: “It's extraordinary that the former head of the UK Treasury has now seen it's his job to undermine the UK tax base.
“As former head of the Treasury he should be doing all he can to uphold the standards that we are meant to be promoting in the international arena.
“It doesn't appear that that is now his goal.”
Souls are easily sold once they have been in the Treasury.
Look forward George Osborne goes next.
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The UK, in terms of government corruption (in the widest sense) can give lessons to the worst of the Latin American banana republics. In the 2000s working on a competition case, the UK competition authorities had rotating doors (from law firms into the comp authority & then out again). DECC is no different, 50% of the staff are on secondment – from the er… energy companies – most of which being foriegn owned (EU) – suggesting “you can take the UK out of the EU, but you cann’t take the EU out of the UK” style of tbing.
In the case of Sir Nicholas Macpherson, whilst this is a family blog, may I suggest that he has not so much joined Hoare’s are become one.
Yes Mike,
If I saw this on a less reliable website I’d almost be wondering if it was a hoax or parody. “C. Hoare & Co” – see the Hoare (in company). Almost too funny to be true.
One of the oldest banks in the country
‘One of the oldest banks in the country’
So a ‘hoary old Hoare.’
You’d think that this practice would be stopped by now – it is very dodgy.
Yes very dodgy .. but it really would be like Turkeys and Christmas if they were to act to stop it.
At least McPherson left before genuflecting at Mammon’s altar. There is an MP who receives £9,166.67 a month plus an annual bonus of £15k for 15 hours ‘work’ for a private defence company with operations in Iraq. A company that set up a Swiss arm because ‘its accountants were based in Switzerland’ and ‘the country had accounting transparency and a stable taxation system’. No revolving door there then.
http://www.publications.parliament.uk/pa/cm/cmregmem/contents1516.htm
http://www.newstatesman.com/economy/2010/08/based-firm-aegis-tax-basel
Oh yes nearly forgot Matthew 6:24