Now it is time to stop Irish abuse

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FT.com / Companies / Insurance - Willis latest to leave low-tax Bermuda.

Willis, the world’s third-largest insurance broker, plans to move its global headquarters from Bermuda to the Irish Republic, becoming the latest in a string of multinational companies to leave the low-tax Caribbean island.

The company said Dublin provided “a more stable environment” and would improve Willis’s ability to “maintain a competitive worldwide effective corporate tax rate”.

Willis follows Accenture, the consulting group, and about 10 others in announcing a move away from Bermuda since Barack Obama became US president and began to take a much tougher line on tax havens , saying their widespread use by American businesses was “the biggest tax scam in the world”.

The moral is clear: now we have to stop Irish abuse as well.