Tax haven UK is Philip Hammond’s dream. The reality is that tax havens are a nightmare for everyone but a wealthy elite

Posted on January 15 2017

It would seem that Philip Hammond wants to turn the UK into a tax haven as a result of Brexit. Here are some of my thoughts on Philip Hammond's dream, offered on Twitter this morning:

My new book - 'Dirty Secrets - How tax havens destroy the economy' -will have much more on this theme. Out on 7 February.

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9 Responses

PSR says:

January 15 2017 at 11:59 am

I read this in the Observer (on the web) today and one word popped into my head: JERSEY.

Well at least I won’t have to go and visit the island – it will be here quite soon enough it seems!!
Adam c says:

January 15 2017 at 12:07 pm

Particularly think it is shortsighted given your second last tweet – they encourage economic warfare.

If we go down that route, what’s to stop Europe turning itself into a vast Offshore tax haven for British wealth on our doorstep?

(Come to think of it, post-Brexit, a) what will stop them doing it anyway, b) what mechanisms will there be in place to resolve such issues.)
- Richard Murphy says:
  
  January 15 2017 at 2:46 pm
  
  Some EU states ajrady are tax havens
David Lucas says:

January 15 2017 at 12:45 pm

You may have seen this. An important addition to the debate about tax cheating and coming out of Europe. (I refuse to use the word brexit).

https://www.theguardian.com/politics/2017/jan/14/netherlands-will-block-eu-deal-with-uk-without-tax-avoidance-measures?CMP=share_btn_link
- Richard Murphy says:
  
  January 15 2017 at 2:47 pm
  
  By the Netherlands is a serious tax haven itself
  - Bill Kruse says:
    
    January 16 2017 at 1:48 pm
    
    Maybe it doesn’t want the competition. Is that feasible?
Demetrius says:

January 15 2017 at 2:47 pm

Not too sure about this. Criminal gangs etc. seem to do quite well in many tax havens and often there is a thriving low life. Its only the ordinary people in ordinary jobs who lose out.
Michael says:

January 18 2017 at 2:17 am

Criminal gangs and a thriving low life in the ‘tax havens’ ?? Proof please. ( kettle and pot come to mind )
- Richard Murphy says:
  
  January 18 2017 at 7:14 am
  
  I have no idea what you mean by the last part
  
  The evidence of criminal use of tax havens is overwhelming: the whole of the FATF initiative is aimed at it