Tax haven economy already thriving in UK, warn Greens

With Theresa May threatening a ‘new economic model’ based on low taxes if the European Union do not agree a favourable Brexit deal with the UK, a new report from the Greens in Europe reveals that the UK hosts more intermediaries – the banks, accountants and lawyers who facilitate a system of tax dodging – than any other country in Europe. 

The findings reveal that almost half of all intermediaries operating in Europe can be attributed to just two countries, the UK and Switzerland, with over a quarter (27%) operating out of the UK. This rises to nearly half of all intermediaries that are registered in the EU (49%).

The new report is based on information contained in the Panama papers and the Offshore and Bahamas Leaks. The Panama papers committee in the European Parliament is currently investigating the contents of these revelations. Molly Scott Cato MEP, a member of the committee, said:

“Perhaps Theresa May thinks that ushering in a tax haven economy is playing to the UK’s strengths. This new report shows that helping wealthy elites and corporations dodge tax is a thriving business in the UK.

“At a time when the EU is exploring measures to clamp down on tax dodging, Theresa May has set her sights on a low tax economy. This will only strengthen the arm of bankers, accountants and lawyers who help the wealthy avoid or evade paying their fair share of tax; money we all need to help create a fairer and more equal society.”