The relatively unknown investment fund where Theresa May’s husband Philip works as a senior executive is one of the world’s largest and most powerful financial institutions, controlling $1.4 trillion in assets.Its portfolio also includes $20 billion of shares in Amazon and Starbucks, both of which were cited by the Prime Minister-designate in her pledge to crack down on tax avoidance yesterday. Tap Blog.
Britain is the first European nation to announce it is about to step outside the magic circle called the EU within which, with permission of Brussels, vast amounts of untaxed capital circulate. Capital belonging not to governments or peoples but to corporates such as Apple, Google and Facebook. Google paid £6m to the Treasury in 2011 on a UK turnover of £395m. Apple made £1.9bn of profit in the UK in the year ended September 2014 and paid £11.8m in tax – a rate of 0.6 percent. Facebook paid HMRC £4,327 in 2014-15 on a cash pile of £1.9 billion in the Cayman Islands.
It is why the pound is falling like stone and politics has become the advertising arm of big business. Nothing in the last Tory conference suggests that anything will be done (apart from warm words) to change this or the physical manifestations of corporate greed. Hinkley Point, HS2, the third runway at Heathrow are the corporates and their lackeys in Whitehall spitting in our faces. Within a decade the countries of the west will be corporate entities run by machines spouting comforting advertising slogans. Human happiness has become a business plan.