Link to this page: http://www.socialistparty.org.uk/issue/921/23790
Them & Us
Multinational food giant Mondelez dodged nearly £36 million in UK tax last year.
The US-based corporation made pre-tax profits of £117.3 million. But interest payments and a tax-exempt sale meant it paid zero corporation tax.
Mondelez - then part of Kraft Foods - bought UK chocolate firm Cadbury in 2010. Boss Irene Rosenfeld had promised not to close the Somerdale factory near Bristol.
>She did close it. 400 workers lost their jobs.
Cadbury UK also paid no corporation tax on profits of £96.5 million. Rosenfeld 'earned' £13.1 million.
You can't control what you don't own. The Socialist says: nationalise the food giants to stop tax dodging and safeguard jobs and quality.
The richest man in Hong Kong, billionaire Li Ka-shing, has made £140 million from his stakes in UK water companies.
Southern Water started paying dividends again for the first time in five years, including £82 million for Li. This was in spite of receiving an average of twice the complaints of other water firms.
And Northumbrian Water paid CKI, Li's holding company, £58 million. Tax breaks meant it paid no corporation tax on its £131 million profits.
Water regulator Ofwat announced a restriction on water bill hikes in 2014. However, this was not enough to outpace inflation. The average annual water bill was set to break the £400 barrier in 2015.
Before the Tories privatised utilities in 1989, the average bill was £236. Public ownership under democratic worker's control and management could sort that out.
In The Socialist 19 October 2016:
Socialist Party news and analysis
What we think
Workplace news and analysis
International socialist news and analysis
Black History Month
Socialist Party reports and campaigns
Socialist readers' comments and reviews