Norwich UNCut TOP TEN TAX SHIRKER TOUR-No.3 BARCLAYS
TOP TEN TAX SHIRKER TOUR
Our next Tax Dodgers are-Barclays PLC, London Street, Norwich. 12 midday.
All the UK’s major banks make extensive use of tax havens in the course of their business. As a survey for the TUC showed, in 2008 Barclays were the biggest user but all four of our leading High Street banks had large numbers of subsidiaries in locations such as Cayman, Jersey, The Isle of Man, Bermuda, the Bahamas and Luxembourg.
One bank stands out from the crowd though. As MP Chuka Umunna showed in questioning of Barclay’s boss Bob Diamond before the Treasury Committee of the House of Commons in January 2011, his bank had 181 subsidiaries in the Cayman Islands alone in 2010, an extraordinary increase from 143 in 2008.
Bob Diamond admitted he had no idea how many companies the bank of which he is chief executive had in the island, but said they were there for ‘tax efficiency’.
In plain, straightforward terms that means they shift the tax burden from the bank onto other people.
As this is Barclays who also are proud of proping up the arms trade this call out also goes out to all the anti-militarists and ant-Trident groups et al.
Norwich Uncut and Norfolk Community Action Group.