* The UK spider’s web is responsible for over a third of global tax losses
The jurisdiction that causes countries the most global tax losses is British Overseas Territory Cayman, which is responsible for other countries losing over $70 billion in tax every year. However, Cayman is just one jurisdiction that falls under UK’s network of Overseas Territories and Crown Dependencies, where the UK has full powers to impose or veto lawmaking and where power to appoint key government officials rests with the British Crown. Infamously referred to as the UK spider’s web, extensive research has documented the ways in which this network of jurisdictions operates as a web of tax havens facilitating corporate and private tax abuse, at the centre of which sits the City of London.
The State of Tax Justice 2020 finds that the UK spider’s web is responsible for 37.4 per cent of all tax losses suffered by countries around the world, costing countries over $160 billion in lost tax every year.*
Was and still is probably the most corrupt square mile on the planet.
The EU were going to clamp down on some of the activities of places like this. Then Cameron, who didn’t have to, went ahead with none binding advisory referendum.
On a result with a minute differential of 3%…which in most countries would be seen as too small a percentage to be considered a firm result. Usually 60-40 is required.
But ahead he went. The High Court in a later case ruled the referendum tainted with illegal practices. But it was ‘advisory’ so could not be ruled to be re-run. If it had been binding, the result would not have stood and another vote taken, or the whole thing abandoned.
There was something inherently dodgy about the whole lead up and process.
