So he\’s gone to the Beeb with another story about how evil Teh Banksters are and their tax dodging ways.
The BBC has reported that HSBC set up a Guernsey-based company to reduce tax on profits from funding National Health Service hospitals provided under the notoriously opaque private finance initiative.
What can one say? This happened on the watch of HSBC’s former chairman Stephen Green, a Church of England minister and also trade minister in the British coalition government.
Now of course HSBC’s defence is that the private equity operations in the Uk that are owned by the Channel Islands’ subsidiary of HSBC will be taxed in the UK and so all will be fine. But that’s 10% iof the story.
Indeed, perhaps the other 90% of the story could be that HICL is not in fact an HSBC subsidiary, it\’s an independent company with it\’s own London listing? The major shareholders appearing to be pension and insurance funds?
As, actually, the Beeb itself reported:
HSBC said it did not set up the scheme to divert funds from the NHS but to give people a chance to invest in PFI projects.
It said it owned no shares in HICL and did not take a profit from it.
We\’ll put that one down as a fail shall we?