Saturday, February 19, 2011

tax avoidance

Last November, I blogged about tax avoidance… and that there were some high-powered people who argued that the UK didn’t have a spending crisis, but that it had a tax avoidance crisis.
So I was absolutely furious to read an article in this morning’s Guardian which indicated that Barclays Bank had been forced to admit that it paid just £113million in UK corporation tax in 2009 – a year when it made record profits of £11.6bn (that’s 11,600million).
In other words, its tax bill represented just 0.974% of its profits!
Stunning. Sickening. Derisory. Just plain wrong.
So, at a time when most of us are being devastated by the billion-pound cuts to essential services that we all depend on, Barclays is paying out bonuses of £2bn and its CEO, Bob Diamond, is in line for a bonus of more than £8million. It’s important to understand that Barclays is not the only company accused of tax-avoidance in the UK - others include Boots and Vodafone.
Once again, clearly, we’re NOT 'all in this together'!
I’ve just signed up on the Robin Hood Tax website. Please do the same!

1 comment:

refusetobeboxedin said...

Come to the protest in London on the 26th!

I'm waiting for a Tory to explain to me how this is fair, and no one has volunteered so far...