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Do we really want post-Brexit Britain to be the world’s biggest tax haven?

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by Molly Scott Cato

 

Of all my political activities in the European parliament my work on challenging tax-dodging by wealthy individuals and corporations is perhaps the area where the most has been achieved.

Yet as a British MEP it has been a constant source of embarrassment to learn the central role played by the City of London and the UK’s overseas territories in the network of tax havens that facilitate a tiny minority to live beyond tax law.

This was first demonstrated by the Panama Papers and now confirmed by theBahamas leaks. I am left wondering, in post-EU referendum Britain, whether we will see the UK government challenge or collude with this tax-avoidance industry. If the response to the discovery that home secretary Amber Rudd was previously director of two asset-management companies based in the Bahamas is anything to go by, alarm bells should be ringing.

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