The \u00a3500 million in avoided tax that Barclays will now have to pay could fund full-time jobs above the living wage for all the young people who have been working for free under a controversial government scheme, the Public and Commercial Services union says.<\/p>\n
Divided between the 34,000 16 to 24-year-olds who have been put onto the government's work experience programme, the money could pay salaries of GBP 14,706 a year, or GBP 8.08 an hour for a 35-hour week.<\/p>\n
The UK national living wage - paid by an increasing number of employers - is GBP 7.20 an hour, and GBP 8.30 in London.<\/p>\n
A tax loophole that allowed Barclays to avoid paying GBP 500 million in corporation tax has been closed by HM Revenue and Customs.<\/p>\n
The union points out that this is a \"drop in the ocean\" compared to more than GBP 120 billion in tax revenue that is avoided, evaded or uncollected every year.<\/p>\n
I might add, the same \u00a3500 million would pay for 10,000 staff at HMRC \u00a0targeted on closing the tax gap.<\/p>\n","protected":false},"excerpt":{"rendered":"