The ICAEW and CIOT have called for a review of UK taxation to make our system more attractive to multinationals (see previous blog).
But then consider who are driving multinationals out of the UK. It's professional firms of course. Take this comment from Brigid Breslin and James Ross of McDermott Will & Emery UK LLP, a firm of London lawyers:
UK multinationals with significant overseas profits (particularly in the pharmaceuticals and other IP-rich business sectors) are recognising the importance of undertaking a cost-benefit analysis in relation to the migration of their tax residency; non-UK multinationals with UK intermediate holding companies may consider it prudent to do likewise.
Let's be blunt: what they're actually doing is promoting corporations leaving the UK for the financial benefit of their own firm. It's wholly irresponsible. And self defeating: a London gutted of corporations is not going to be a lot of fun for corporate tax lawyers. But time and gain it is obvious that finance professionals do not think beyond the very short term.