Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/942/25141

From The Socialist newspaper, 29 March 2017

Top banks post 67% of profits in tax havens - nationalise the banks!

We are the 99% - Take the wealth off the 1% Socialist Party placard, photo Paul Mattsson

We are the 99% - Take the wealth off the 1% Socialist Party placard, photo Paul Mattsson   (Click to enlarge)

Tom Baldwin, Bristol South Socialist Party

A new report from Oxfam sheds light on the way big banks use tax havens to protect their profits. Their research shows Europe's 20 biggest banks reported profits of 18 billion in tax havens last year.

The banks claim to have made a quarter of their global profits in these countries despite them accounting for only 12% of their turnover and 7% of staff. While governments across Europe push austerity, big bankers continue to pocket money that should be funding health, education and other social needs.

The problem is even worse with UK-based banks. Between them, HSBC, Barclays, RBS, Lloyds, and Standard Chartered reported profits of 9 billion in tax havens - a massive 67% of their total.

Over 500 million of these were in six British overseas territories and crown dependencies such as the Cayman Islands and Jersey. They pay just 7% tax on profits in these UK-linked tax havens, compared to 20% in Britain. Even this is low. In the 1970s, Britain's rate was 52%.

Greed

Working class people are still paying the price for an economic crisis that began in the finance sector, partly thanks to bankers' greed and unchecked gambling. The government bailed out the banks and slashed taxes for big business and the super-rich. Partly to pay for it, we've been faced with public service cuts ever since.

This research gives us a glimpse into the murky world of tax havens. It's right to push for more transparency but these figures only add detail to what ordinary people already know - the super-rich are laughing while we get a raw deal.

We've seen the power these institutions have over our lives in the 2007-8 financial crisis and ever since. We don't just want to know what they're up to, we need to be able to control it.

They only way we can do that is if we own them. The banks and whole finance sector should be nationalised and run democratically by workers. So should public services and the biggest businesses. Only then can they be run to meet people's needs, not fill the pockets of a tiny minority.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 29 March 2017:


What we think

Unite against terror, racism and war


Socialist Party news and analysis

NHS: protest, strike, occupy to win!

No to racist scapegoating: oppose the far right

Top banks post 67% of profits in tax havens - nationalise the banks!

Prescription and dental charges to rise again - fight for a free NHS!

Homelessness agencies accused of being complicit in coercive deportations

Leeds Labour councillors resign over cuts

Times makes call for Tory entryism

Martin McGuinness: from IRA leader to Stormont minister


Russian revolution 1917-2017

April 1917: how the Bolsheviks reorientated


Workplace news and analysis

Doncaster: snap strike by posties pushes bully bosses back

Over a thousand march with Durham TAs against 23% pay cut

Join the 31 March PCS pay protest

Bridgend Ford overtime stoppage in sourcing dispute

Forest Hill school in Lewisham fights back

Dispute against backdoor privatisation of mental health services

Ballot papers go out in Unite elections

Fujitsu strikes: Manchester and Warrington

Deliveroo victory in Leeds

TUSC backs RMT struggle against Merseyrail


Socialist readers' comments and reviews

Universal Credit is making the housing crisis worse

Save Cardiff's live music venues

Women need secure jobs and equal pay, not patronising 'returnships'

Why I Joined: "I joined Socialist Party to campaign to save the NHS"

The Socialist Inbox


International socialist news and analysis

South Africa: Unity against poverty, crime and xenophobia

Belarus: movement developing against regime


Socialist Party reports and campaigns

Jobstown Not Guilty: defend the right to protest

Angry march against Bradford council-approved incinerator

GMB union should support anti-fracking campaigners in Fylde

"Save our Nurseries", Tower Hamlets campaigners tell the council

South Yorkshire Freedom Riders celebrate three years of fighting

Memorial meeting remembers Bernard Roome

Save Plymouth's libraries!

May Day greetings in the Socialist


 

Home   |   The Socialist 29 March 2017   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Banks:

triangleThem & Us

triangleWidening wealth gap, increase in poverty...make the fat cats pay

triangleRBS to sack 1,000: nationalise the banks

triangleAmber warning lights flash on British economy

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

Tax:

triangleCardiff West Socialist Party: How the Poll Tax was beaten

triangleThe Socialist Inbox

triangleTrump's tax plan: Robin Hood in reverse

triangleThem & us

Nationalise:

triangleRail: fares up, bosses' pay up - delays and cancellations up

triangleRetail sector crunch: nationalise to save jobs

triangleNationalise rail now

Britain:

triangleSalford Socialist Party: Britain in 2018

triangleWaltham Forest Socialist Party: Britain in 2018

Bankers:

triangleTories torn - bin them now

News and socialist analysis

News and socialist analysis

17/1/18

Labour

Corbyn's Labour needs 100% anti-cuts strategy and fight for democracy

17/1/18

Trump

Victory! Trump's UK visit cancelled by fear of protests

17/1/18

NHS

NHS crisis: under pressure from all angles - end cuts and sell-offs!

15/1/18

Carillion

Carillion crisis: demand action to save jobs and services

10/1/18

Tories

Cabinet chaos as shambolic reshuffle underlines Theresa May's impotence

10/1/18

NHS

Sustained mass movement needed to stop Tories wrecking our NHS

10/1/18

Education

Bigot Toby Young quits - now scrap the new uni regulator driving privatisation

10/1/18

Them & Us

Them & Us

10/1/18

Teachers

Teacher recruitment falls by a third - cut workload, not funding

3/1/18

Fire service

Fire service victory

3/1/18

Fares

Rail: fares up, bosses' pay up - delays and cancellations up

3/1/18

Higher Education

Mobilise against rip-off executive pay

3/1/18

Virgin

NHS in winter crisis as Branson creams off 1bn

3/1/18

Homes

Thousands live in tents and sheds - seize empty homes

3/1/18

Fat cats

Widening wealth gap, increase in poverty...make the fat cats pay

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle17 Jan Corbyn's Labour needs 100% anti-cuts strategy and fight for democracy

triangle17 Jan NHS crisis: under pressure from all angles - end cuts and sell-offs!

triangle17 Jan We must fight all council cuts!

triangle16 Jan Home care workers to strike

triangle15 Jan Carillion crisis: Demand action to save jobs and services

triangle12 Jan Outrage against 'monster block' plan

triangle12 Jan Mini-strike wave continues and intensifies

More ...

triangle18 Jan Waltham Forest Socialist Party: How do we get Corbyn's policies into Waltham Forest council?

triangle18 Jan Southampton Socialist Party: Is there a global nuclear threat?

triangle18 Jan Swansea Socialist Party: Is there a threat of nuclear war?

triangle18 Jan Cardiff East Socialist Party: Building Socialism in Cardiff East

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2