There was a stunningly good article in the Guardian on Saturday that I missed (well, it was my mother-in-law's 80th, and these things take some organising). It was by Patrick Collinson and concluded:
When governments around the world are teetering into bankruptcy, and households are more indebted than ever, you don't have to be a Marxist to acknowledge that the share of the national pie taken by profits is unsustainably high.
The City knows it. I was at a Mayfair asset management group this week, where fund managers were chewing over the risks of a steep rise in corporate tax rates. But they also expect corporates to indulge in as much profit-hiding as they possibly can. Expect more fake domiciling in Ireland and elsewhere.
We don't need personal tax rises, we need to raise corporate tax and tackle the dodgers. But with the likes of the Tea Party and the Tories at the helm, the corporate ship will remain docked permanently off the Cayman Islands.
No wonder people are angry. The corporate looting of the UK goes on, unabated with official sanction.
Hat tip: False Economy