More Fibs About Tax & The City of London

Anyone who looks at how the City of London operates will see that it financialises productive sectors of society so that it can suck wealth and life out of the world. Rather than giving anything to society, the City of London just takes and then uses some of the wealth it siphons off to lobby for neo-liberal under-regulated economic policies, so that it might further funnel the world’s resources away from those who need them for the benefit of a super-rich elite who already have way too much. If the City of London were to cease operations today, the UK economy and the world would be hugely improved. In an effort to obscure this fact the City keeps telling porky pies to make it look like it pays more tax than it does, then getting those it is in bed with to repeat these fibs.

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The City of London Lie Machine In Action

Earlier this month the City of London publicised the extremely deceptive claim that the finance sector made a massive tax contribution to the UK economy; this was then picked up from their press department and uncritically run as a story by various tame media outlets. We’d planned to write a blog countering the blatant manipulation of statistics involved if no one else did. However, Prem Sikka stepped forward and did the work for us, so all we need to do here is reproduce his piece from Left Foot Forward.

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Trust: The Foreign Office Hums It & Charles Bowman Fakes It

It is rather rich of Charles Bowman to speak about the ‘democratic process’ in Nigeria when he and most of his colleagues in the City of London are ‘elected’ on undemocratic business votes and treat the actual residents of the local authority they administer with complete disdain; all the while gallivanting around the world promoting the interests of the finance industry and ultra-high net worth individuals at the expense of local people in the City of London and billions more around the globe. We’ve already made it clear we don’t trust Charles Bowman and we think anyone who does must be deluded. Shortly before Bowman headed off to Nigeria even the Financial Times was pouring cold water on his Business of Trust agenda.

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Who’d Trust Charles Bowman?

Despite the economic risks posed by misleading accounting, the bean counters perform their duties with relative impunity. The big firms have persuaded governments that litigation against them is an existential threat to the economy. The unparalleled advantages of a guaranteed market with huge upside and strictly limited downside are the pillars on which the big four’s multi-billion-dollar businesses are built. They are free to make profit without fearing serious consequences of their abuses, whether it is the exploitation of tax laws, slanted consultancy advice or overlooking financial crime.

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Charles Bowman Wants You To Trust The City!

The new Lord Mayor of London is Charles Bowman and he’s been saying repeatedly he wants the public to trust the City. If Bowman is serious about making public trust his priority while he’s the Lord Mayor, he should be reforming the undemocratic and anachronistic political system in the City of London. He could start by abolishing the business vote and the office of alderman, he is after all the first among equals in the latter. He also needs to address the question of vested interests and make sure firms like Keepmoat who have (or have recently had) top management sitting on the City of London council, aren’t given contracts by this local authority. Bowman needs to ‘Keep Keepmoat Out Of The City’.

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