The lemmings are leaving

Posted on

So three more companies are planning to leave the UK.

Let's as usual set this in context: Charter has not paid UK tax and has no intention of doing so. They are a typical 'free rifer' - wanting to get all the benefits of the UK but wishing to pay nothing for them.

And Henderson and Regus are making clear this is going to make nmo difference to their UK operations.

I have little time to comment - I am lecturing in Canad today - but the issues here are very clear:

a) This will almost certainly have little impact on UK tax revenue

b) This will have little impact if any on UK jobs

c) This has little impact on UK markets

So what is the impact? Simply this: capital is seeking to float free from responsibility. And the big question is the hardest and yet the simplest to answer. Do we want that? Can we afford a global world where a small elite command resources and yet feel no obligation to support others?

The answer has to be an unambiguous no. This is a definition of unethical conduct. It is a clear indicator of a breakdown in society.

International effort needs to be taken to stop this abuse, and to stop the abuse of countries that promote it.

That action will happen.

And we will also get a new tax system as well: unitary taxation with formula apportionment is inevitable if this keeps happening.