Opinion: Stages of Economic Recovery in the UK – Simon Wren-Lewis ex Mainly Macro-John Gelmini

The answer to Dr Alf’s question is that they will do nothing about the banks as the people who control them (not the directors but those above them), are the ones calling the shots, and are far more powerful than anyone in Government.

They will do nothing about austerity either, except to try and get foreign investment into the country and engage in “fire sales” like the recent botched Royal Mail privatization.

Until there are riots in the streets and people rise up en-masse to protest violently, little or nothing will be done to boost exports, increase inward investment or ameliorate the conditions of the vast mass of people who have effectively been written off as not worthy of help.

John Gelmini

 

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Opinion – ‘Dutch sandwich’ grows as Google shifts €8.8bn to Bermuda ex FT.com – John Gelmini

Dr Alf wonders why Google can keep evading tax along with other multinationals and whether the Republicans are helping them.

The truth is, now that Dr Alf is back from his travels across Cyprus, he should look a lot closer to home to George Osborne and David Cameron, who talk tough on taxes for public consumption but then give a nod and a wink to tax evasion by their own suppliers such as State Street who are going to manage Auto Enrolled Pensions and people like BT.

Both these companies have offices within the Dublin Financial District where I was in the Summer and are effectively paying the Irish Government 3% Corporation Tax.

Private Eye goes into more detail but there is a revolving door between Big 4 Accountancy Partners, the Treasury and the finance functions of large multinationals.

Essentially the rich and very powerful pay no tax or very little and multinationals are the same.

Currently Eon and Vodaphone have paid no Corporation tax for a decade and the privatized Royal Mail will be the same.

The Pension liabilities of the Royal Mail will be landed on the taxpayer whereas the Postal Unions should have been surcharged for the actions of their members who brought this upon us all by encouraging strike action by their members that has damaged the public and businesses.

Even under Miliband, I can see no change with the only quid-pro-quo being job creation.

Happy to debate alternative views?

John Gelmini

English: East entrance of HM Treasury Français...

English: East entrance of HM Treasury Français : Entrée Est de HM Treasury (Photo credit: Wikipedia)

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