Yahoo is quitting the UK for Switzerland

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Wow, how convenient. Two days after the budget Yahoo has announced its quitting the UK for Switzerland. Stage managed or what?

But, hang on a minute. All is not what it seems. Yahoo has 700 people here. Only 50 are likely to move. So Yahoo are not quitting the UK at all. They're just going to fiddle their taxes in Switzerland.

And then, let's also be clear: this is the last resort of a desperate company that is under threat of the loss of its existence, and which long ago forgot how to add value in Europe except by financial engineering.

It was ever thus. When entrepreneurship fails tax fiddling takes over. And they're not the same thing. Not at all. One adds value to society, and the other quite clearly does not. And that's a very big difference.