- 26% of increased wealth went to the richest 1% in the UK over 2000-2015
- UK's wealthiest are hiding over £170bn offshore
- The City of London Corporation, a lobbyist for the UK financial services sector, has privileges and 'freedoms' which in some ways put it outside of normal UK civic governance
- PwC, one of the 'Big Four' auditing firms, offers tax avoidance schemes to their clients of which they have judged there is a 75 percent risk of it being deemed unlawful
- Eventhough a large number of tax avoidance schemes have been declared illegal by the UK courts, this has not been followed up with any investigation, inquiry, prosecutions or fines
These are only some of the shocking facts highlighted by the new OGB report, which shows that the gap between the rich and the rest is growing. Tax havens are at the heart of the inequality crisis, enabling corporations and wealthy individuals to dodge paying their fair share of tax. This prevents states from funding vital public services and combating poverty and inequality, with especially damaging effects for developing countries. The UK heads the world’s biggest financial secrecy network, spanning its Crown Dependencies and Overseas Territories and centered on the City of London. This briefing paper outlines how tax havens fuel the inequality crisis which leaves poor countries without the funds they need, the UK’s role in the global tax haven system, and what the government can do about it.
You can find the complete report by clicking HERE.
News outlet the Independent used the report for a critical article on the UK's growing economic divide, which is not being addressed by the government at all. In fact, they are planning to cut public spending and introduce tax cuts that will benefit the richest half of Britain the most. For the full article, click HERE.