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I'm no fan of London but saying its entire existence depends on that is a bit of a stretch. That's like saying Ireland's entire reason for existing hinges on it
by smcl 5y ago
I'm no fan of London but saying its entire existence depends on that is a bit of a stretch. That's like saying Ireland's entire reason for existing hinges on its low (zero?) corporation tax. Both are important and I'm sure they'd both suffer if they lost their respective tax advantages, but a death spiral? Maybe not.
- disgruntledphd2 5y agoIt's not zero: https://www.irishtimes.com/business/economy/top-10-companies-now-pay-more-than-half-of-corporate-tax-1.4553695 https://www.irishtimes.com/business/economy/top-10-companies... To be fair though, the old approach was only to pay tax on irish revenue, which was almost zero, given how small Ireland is.
- drcongo 5y agoIt's worth watching the documentary Offshore Incorporated (also known as The UK Gold for some reason). It's very broad brushstrokes, but still true. https://www.imdb.com/title/tt3057428/ https://www.imdb.com/title/tt3057428/
- smcl 5y agoBut ... it's entire existence? Like without the Oligarchs etc parking their money there it would wither away and cease to exist? I mean I am all for London having a diminished status within the UK, but that's taking a widely accepted fact (that a lot of laundered money goes through London) and blowing it way out of proportion.