©2017 Norman Cutting

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Finance


The way things are going at the moment, there won’t be any politicians left to run the country with the main parties having to expend all their energies fighting off accusations of wrongdoing either of a sexual nature or getting up to no good by doing their own thing by not behaving themselves in a political way and following accepted procedures as becomes a government minister (secretary of states). Then we have the paradise papers leaks were no one seems above making a few bob by avoiding tax. I have noticed (so far) that HMRC have kept it’s head down (so far) as a few years they flogged a lot of their government buildings to off-shore investment companies in an effort to save money. Those very off-shore companies they are currently chasing in an effort to obtain tax revenues currently being avoided. You can’t make it up, can you?

I’ll have to put a lot of thought into another subject where there must be a better way to run a country than the current group seems to be doing. I know, how about introducing a similar law as Ireland recently did to catch some of ‘googles’ avoided millions in avoided tax on their profits. Mind you, it would need to be somewhat more tightly drafted as they simply moved to another tax efficient country (Jersey) who won the ‘bid’ for processing their profits.

One place to start would be to ensure the major auditors either do their job properly or pay a severe penalty. Having missed the odd £million in mistaken profits at Tesco, the auditors simply washed their hands by saying they accepted what the management told them. So what exactly were they paid for?

Talking about auditors, I was reminded on money box today (BBC R4) that when the government wanted to tighten up some of the tax avoidance loop-holes, who did they call in to advise? Yep, representatives of big business and the large auditing LLPs (Limited Liability Partnerships!). They who will benefit most from any changes!! What a way to run a country??

Update 17th Nov 2017

It’s PFI all over again with the announcement that Housing Associations are no longer to be considered public bodies, but private companies. Government thinks this will go a long way to increasing the housing stock for some reason, but we all know that borrowing of public companies remains on the government book of debts. PFI was a cunning plan to get private companies to pay for (and profit from) public projects by removing the huge borrowing ‘off the books’ and we all what a great success that is for financial organisations (but not the NHS or schools). Now it’s the turn of housing. Not content with making housing associations sell to their tenants, now they have to make a profit to make the interest and capital payments to overseas bankers. Sound familiar??

Budget 2018(Nov 22nd 2017)

If I didn’t know better, this was an election budget for 2018/19, with lots of spending promises but little about it will be paid for. In fact, exactly what the conservatives say about Labour, so I can only suppose that the money will come from the money tree that is used to pay for all the improvements to the new USE members infrastructure and foreign aid and official pensions and will not be needed once we leave USE.




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