Successive weak government (Barclays)

Discussion in 'Current Affairs' started by finknottle, Feb 19, 2011.

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  1. Protestors targeted high street branches of Barclays, accusing its bosses of a massive tax avoidance strategy.The direct action by UK uncut followed revelations that the bank paid only 1% corporation tax on pre tax profits of 11.6 billion pounds in 2009.
    Campaigners claimed people are angry at the refusal of Barclays chief executive Bob Diamond to apologise for the bank's role in the economic crisis.

    The protests come five weeks after Mr Diamond told the Treasury Select Commitee that Barclays had paid a total of £2bn in taxes in 2009.
    But the company has only now revealed that the bulk of that was in payroll taxes and national insurance for its employees. Only £113m was corporation tax from profits of over eleven billion.

    Sky news full story here.

    I watched Diamond in January when he was before the treasury select committee; he struck me as an arrogant arse and typified the unacceptable face of banking.
    For too long our governments have kowtowed to the rich and powerful, we have to pay the going rate of tax and so should everyone else. If 'Shandy Man' is serious about reducing the deficit he should sort this bloody fiasco out now, or is this Tory led government as weak on this as their predecessors have been regarding this inequality. Talk about rubbing our noses in it! :evil::evil::evil:
    Last edited: Feb 19, 2011
  2. FFS Finx..... get a hobby !
  3. OMG!!

    Is there anything you cant drip about!!
  4. Finks,

    Your low 'outrage' threshold and lack of understanding of even the basics of business economics never ceases to amaze.

    'tis a great pity no-one ever felt bold enough to entrust you with the teaboat monies or even the mess funds - for even those minor responsibilities offer an intro into the hidden worlds of fiscal mysteries.
  5. Finks,

    Im annoyed that people are noisy and fight outside my house when the old firm is on. Will you sort that out with your outrage bus for everything??
  6. Levers_Aligned

    Levers_Aligned War Hero Moderator

    So. Do you guys reckon finks doesn't have some sort of point about banks paying 1% tax on billions of pounds of profit? Given they fucked the economy and we bailed them out?

    Christ. If they read this, they'd be laughing as they wiped their arses on wads of fifties. Wake up, people, eh?

  7. And what are we to do about it??? Hold a protest?? Give them a stern talking to?? Or just sit back because nothing will happen and we should just get on with it??
  8. As much as it upsets me. With finks regurgitating what he has read this week, i have to agree with it. The tax payer is getting ripped off. The government has told us we have a massive sh1t sandwich and we are all going to have take a big bite, but some people are going to eat more than others. The government has a massive budget deficit, and its cutting back on everything to reduce it, but still letting money slip through its hands. Its easy to reduce benefits and remove expenses which we can claim. Its easy to freeze civil servants pay. Its easy to privatize Public services. But to go after tax on profits made by these business which are exploiting the average tax payer. shame that must be a step to far for the government.

    One small point about Barclays though they didn't get bailed out by the government. I think they was bailed out by some guy who has oil and camels in abu dhabi.

    Now that was far to intellectual for this time Sunday morning.

    I think this is my stop to get off the out rage bus.
  9. Sigh....... Levers, that 1% headline is just a Jump Start for the Outrage Bus.

    Shock Horror - Admittedly at first sight it looks bad but that is how any business operates; risking capital whilst employing people to provide a product/service and generating a profit/loss. All the time subject to and complying with whatever laws and regulations constrain or encourage them. Very few of the latter but anything available will have been scrutinised and taken advantage of.

    I'd guess that calmer and more curious minds will read the smaller print and discover the breakdown and reasons for how Barclays met it's obligation for that year's Corporation Tax liability. Audited and declared, no slush funds to be found here I'm afraid.

    Convinced? I'd like to hope so but I doubt it.
  10. Oh, and I'm not a Barclay's customer, but an idea for those who's nasty bank they aren't happy with -

    Why not go and take your debts & mortgages elsewhere?
  11. :\\\\\\\') No can do!!!!!! Im a carefull saver, that Bob and his gang coninue to shaft through no fault of their own.^_~
  12. Ye Gods, just listen to yourselves, I don’t recall ever having seen such apathetic postings on this forum before. Here for all to see is a massive injustice that affects you all and all you can do is attempt to take the piss. I suppose the fact that you all sound like docile serfs comes from being a conquered race but come on lads that was over 900 years ago you can speak out now without fear of the baron sending round his heavies.
  13. In a nutshell Fink, if we keep poking the ******* with a sharp stick they will **** off somewhere else which could mean eating the whole shit sandwich instead of just taking a bite.
  14. I have heard the same Dross before, comming out of the mouths of Angie Knight of the BBA, and others high up at the FSA with their snouts in the trough!!!..... i dont buy it!!!... let them Foxtrot Oscar ... nobody is irreplaceable, in the corrupt world of the city banker
  15. 1% of something is better than 10% of FA.
  16. :yawn: Barclays chief executive Bob Diamond yesterday side-stepped claims during a Treasury Select Committee meeting that the bank is engaged in tax avoidance "on a grand scale".

    During an evidence session Labour MP and TSC member Chuka Umunna requested a commitment to reduce the number of subsidiary companies Barclays operates in tax havens – believed to be more than 300.

    Diamond was reduced to replying 'I don't know' to a series of questions about how many subsidiaries the bank has in countries such as the Isle of Man and Cayman Islands, adding “ would not be appropriate for me to agree to something that I am not sure of the facts of.”

    Umunna said: “A cursory reading of your group returns show you have over 300 companies operating in tax haven jurisdictions around the world...That division runs tax arbitrage for your bank, for high net worth individuals for companies, which enable you to all avoid the payment of UK tax.” :pale:
  17. That is complete bollox. They should get reamed for the 28% OR WHATEVER cgt is at present. Then if they decide to feck off at least we would have got at least a quarter centuries worth of monies from the leeches up front. And another thing... they aren't going to disappear anyway. Some might for a while but ultimately most of em like London and even paying top notch they will still be sitting pretty.
  18. Maybe you should drop HMRC a line and tell them that you will only be paying 1% of your taxes due as Barclays have set a precedent.
  19. While there are loopholes for the avoidance of Tax companies are going to exploit them.Most PLCs in the UK are at to some degree.Barclays along with all the others would be considered mugs if they did not take steps to limit their liability to tax and I suspect if there was an opportunity for any of us to hang on to a bit of money rather tamely handing it over for HMRC.I do not condone Barclays actions as I believe they are greedy beyond belief but as long as the opportunity exists no one should be surprised when it is taken advantage of.

  20. Precisely my point, government need to close these loopholes but being the feeble gits that they are that does seem unlikely. We should never forget that it was the greedy bastard bankers that contributed in no small part to the fekin mess we are in, just as all of us should not forget that we, not them are suffering now and for years to come because of their unscrupulous actions.

    And yes if the bankers don’t like it here then foxtrot oscar, not to correct this disgusting inequality is nothing less than government giving in to intimidation by the mega rich and powerful.
    Last edited: Feb 20, 2011

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