The following passage is from “Why England is Rotting” in the June 11 issue of Maclean’s:
London’s role as a financial centre on its way to eclipsing New York City has provided a vision of prosperity which, it is assumed, trickles down to the population at large. But it is a city in which increasingly only those on welfare, or the super-rich, can afford to live. It has become a playground for non-domiciled billionaires and financial wizards who receive multi-million-pound bonuses to artificially inflate property prices and average earnings levels.
The IMF recently ranked Britain alongside the likes Bermuda and the Caymans as a tax haven. Last year, accountants from Grant Thornton calculated that the U.K.’s 54 billionaires paid income tax of 14.7 million pounds ($32 million) on their combined 126 billion pound ($271 billion) fortunes.
- Women On Top, By the Numbers (March 8th, 2013)
- Happy Crashiversary! Are you better off now than you were four years ago? (September 14th, 2012)
- Canadian banks use of tax havens keeps growing (August 16th, 2012)
- Neil Reynolds’ Fuzzy Tax Math (April 21st, 2012)
- Taxing Ontario’s Richest (April 3rd, 2012)