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:

triangleCity bosses' 40m bonuses as Number of food banks hits 2,000

triangleCapitalism condemned

triangleMcDonnell promises reversal of Tories' tax cuts for the super-rich

triangleFrance: Groundswell of support for left candidate

triangleFight Tories' callous cuts pushing 200,000 more kids into poverty

Tax:

triangleHow can Corbyn's programme be implemented?

triangleMay's 'dementia tax' wobble vs Corbyn's extra funds

triangleThe Socialist inbox

triangleCorbyn's manifesto: An important step in the right direction

Nationalise:

triangleCuts, profit and bureaucracy lead to 50% rise in mental health deaths

triangle900 carers quit a day - nationalise social care now

triangleWhat would a socialist food industry look like?

Britain:

triangleThe Pentrich uprising: revolution and counter-revolution in 19th century Britain

triangleThe have-yachts and the have-nots

Bankers:

triangleCampaign launch: "rip-off bosses and greedy bankers - enough is enough!"

News and socialist analysis

News and socialist analysis

21/6/17

Trade unions

The have-yachts and the have-nots

21/6/17

Education

Open University facing huge cuts

21/6/17

Inflation

Inflation: Workers lose out - time for action

21/6/17

NHS

Kick out the Tories to save the NHS!

21/6/17

Protest

The Queen's Speech; and defending the right to protest

20/6/17

Socialist

Whole establishment exposed for role in Grenfell fire

20/6/17

Brexit

Tories and May stagger on amid crisis - get them out!

19/6/17

Racism

Finsbury Park attack: No to terror, racism, war and austerity!

14/6/17

Northern Ireland

Northern Ireland: DUP propping up the Tories

14/6/17

London

Massive failings led to Grenfell Tower fire - Rapid, fully funded action now

14/6/17

Scotland

Scotland - SNP loses but Labour could've won more

14/6/17

Bonuses

City bosses' 40m bonuses as Number of food banks hits 2,000

14/6/17

Low-paid

Low-paid work till lunch to make rent

14/6/17

Trump

Corbyn surge beats Trump

14/6/17

Young workers

Young workers in unions earn 20% more

triangleMore News and socialist analysis articles...


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

triangle24 Jun Camden evacuation - residents expose fire risks

triangle21 Jun Justice for Grenfell and safety for all

triangle21 Jun Cabin crew calls two-week walkout over blacklisting accusations

triangle21 Jun Anger and grief on moving Grenfell marches

triangle21 Jun The Queen's Speech; and defending the right to protest

triangle20 Jun Whole establishment exposed for role in Grenfell fire

triangle20 Jun Tories and May stagger on amid crisis - get them out!

More ...

triangle25 Jun East Midlands Socialist Party: Rebellion - Then and Now

triangle29 Jun Swansea Socialist Party: Dublin - Jobstown verdict; What it means

triangle1 Jul London: Tories Out national demonstration

triangle3 Jul West Cheshire Socialist Party: Prepare for the next steps towards JC4PM

More ...

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

Archive

Archives:

June 2017

May 2017

April 2017

March 2017

February 2017

January 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