The total amount of lost tax revenue is far higher than £100 billion, as the figure only includes tax dodged by individuals, and not companies.
And a high proportion of tax evasion takes place on British offshore tax havens, with more than a third of the £12 trillion held in tax havens around the globe believed to be held in British Overseas Territories and Crown Dependencies, according to Oxfam estimates.
Emma Seery, Oxfam\’s head of development finance and public services, said: \”These figures put the UK at the centre of a global tax system that is a colossal betrayal of people here and in the poorest countries who are struggling to get by, and put the Government on the side of the privileged few. If they want to get on the right side of this debate, now is the time to take action.
\”Britain\’s credibility is on the line; talking tough on tax, whilst continuing to usher a third of the world\’s wealth into UK tax havens, risks making a mockery of David Cameron\’s leadership at the G8 Summit in June.\”
Did you see that switch there?
We start with Ritchie\’s absurd estimate of the amount of cash tax dodged into tax havens. This is only some fraction of the world\’s wealth. One third of this goes into British ish tax havens. So it\’s one third of tax dodging goes into British ish places.
But by the fourth paragraph that\’s one third of all the world\’s wealth. Which is simply entire and gross nonsense of course.
I don\’t actuall know what the world\’s wealth is: but US GDP is some $15 tillion, US wealth is some $60, $70 trillion or so. Let\’s just say that wealth is 4 x GDP. Global GDP is what, $70 trillion at present? Ish, ish? Global wealth is thus $280 trillion. Of which apparently $4 trillion is in British ish tax havens dodging taxes. 1.5%…..I\’d say that was a pretty effective tax system myself. No system will ever be entirely leak free after all……