It is quite apparent that our global multi-nationals are doing all in their power to avoid paying taxes and ripping people off. Not only do they set up in low tax countries and move assets around but they also threaten to jump ship and take their trade elsewhere if they do not get benefits. The end result of this is that they do not pay the taxes they should, receive government sweeteners, and pocket the money. In effect they are robbing the country, looting from other tax payers and robbing their own share-holders into the bargain.
If anyone complains they threaten to take their business elsewhere where the wages are cheaper and the taxes less. Seemingly they believe that by employing lots of people who have to pay their taxes through PAYE that exempts their companies from paying. We should be grateful. The bosses can pocket the proceeds in huge salaries and bonuses.
The classic example of this was that nice Jim Ratcliffe (I’m not sure about the cliffe?) who owned the Grangemouth refinery. His Ineos company turns over 44 billion. Jim is one of the richest people in Britain. Grangemouth is the largest refinery in Scotland employing a large work-force.
Jim wanted the workers to accept worsening conditions of service, pay and worse pensions. The terms were described as savage. The workforce weren’t happy. Jim shut them down. He was going to take the refinery to a third world country where he could exploit cheap labour and low taxes.
In order to reopen he negotiated a deal with the government and got the workers to agree the worse conditions. It was reopened.
Jim bought himself a second super-yacht worth £130 million that reputedly costs £11,000 a day to sit idle with its crew of 21. He bought a penthouse suite.
How much money does one man need?
That sounds fair doesn’t it.