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Realist
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24-11-2017, 11:47 AM
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Labour Not Fit For Opposition

Corbyn’s Labour party isn’t fit for opposition, let alone government


http://www.cityam.com/276366/corbyns...tion-let-alone

"As Westminster digested Wednesday’s budget, shadow chancellor John McDonnell was asked nine times how much Labour’s own plans for extra borrowing would cost.

Nine times, he refused to answer, calling the BBC’s questions “a trite form of journalism”. Other excuses included the lines “we are talking about it paying for itself” and, when pushed on why he didn’t have the answers, “that’s why we have iPads and that’s why we have advisers”.

"We have grown used to Jeremy Corbyn making bold, uncosted promises, from wiping out all student debt, to renationalising rail and energy firms. We have also become accustomed to his top team responding to tough questions with outrage.

Shadow foreign secretary Emily Thornberry accused an interviewer of sexism for asking her who the French foreign minister was.

Diane Abbott messed up the numbers on proposals for more police offciers in a car crash interview in May, only for Labour to rush to her defence and blame the media for exaggerating her errors.

And when Corbyn himself couldn’t list the figures for his own childcare plan during a segment on BBC Radio 4’s Women’s Hour, the presenter received hate mail and death threats for pointing out that he was reaching for his iPad, having not bothered to familiarise himself with the facts."

"This is the state our opposition has been in since Corbyn became leader. . . .

right now, as McDonnell’s latest antics show, the Labour party isn’t fit for opposition, let alone government"
Julie1962
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24-11-2017, 12:03 PM
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Re: Labour Not Fit For Opposition

He's not an accountant generally I believe anyone dealing with our finances should be specially trained to do so or have a background in money.
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Rainmaker
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24-11-2017, 12:18 PM
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Re: Labour Not Fit For Opposition

Which is exactly what Philip Hammond's are. A background in Marxism, Communism, protest marches, supporting terrorists, as has McDonnell doesn't exactly fill people with confidence that he meets the requirements of Chancellor of the Exchequer.
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24-11-2017, 12:24 PM
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Re: Labour Not Fit For Opposition

Exactly.
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24-11-2017, 01:07 PM
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Re: Labour Not Fit For Opposition

Originally Posted by Julie1962 ->
He's not an accountant generally I believe anyone dealing with our finances should be specially trained to do so or have a background in money.
Accountants aren't exactly squeaky clean either Julie darlin' as the Paradise papers reveal. One wonders whether Hammond or Osborne were involved in any of this shady dealing???


Big fortunes and the Big4
Paradise Papers, Issue 1457
paradise-papers.jpg FEW NAMES crop up quite as frequently in the Paradise Papers as those of the world’s major accountancy firms. Often they appear in connection with tax avoidances schemes devised some time after famous scandals like those of Vodafone, Starbucks and “LuxLeaks” might have been expected to change their behaviour. Analysis by the Eye suggests the “Big 4” – EY, PwC, KPMG and Deloitte – held hundreds of business relationships with clients of law firm Appleby in the years up to 2015.

Behind most of the reported VAT avoidance schemes run out of the Isle of Man, including Lewis Hamilton’s, was EY, formerly known as Ernst & Young. It wasn’t too fussy about who it chose to help dodge tax, either. The first of what were then the “Big Five” beancounting outfits into Moscow after the fall of the Soviet Union, EY is still evidently doing sterling work keeping the oligarchs happy.

When Vladimir Putin’s ally, the shopping centre tycoon God Nisanov, sought to acquire an Airbus A318 jet through an Isle of Man company owned by his associates, internal Appleby emails revealed “EY Moscow as the introducing party” and explained the source of Nisanov’s fortunes. “Given the family connection to God Nisanov,” the lawyers duly noted, “…it is evident that this is the source of wealth for the purchase of the aircraft.” EY duly saved the oligarch millions in VAT.

Money-laundering vehicle of choice
One presentation prepared by EY for a wealthy VAT dodger in October 2015 explained how the scheme could work. The buyer would acquire the jet through an Irish company that would provide “passenger transport services” to other companies owned by the same people, creating a commercial veneer that would allow for zero VAT. All was helpfully explained on slides under EY’s strapline “building a better working world”. How avoiding tax helps to do this was not explained.

EY was also behind a scheme through which another wealthy Russian who made his money in the railway business, Yury Korotchenko, tax-efficiently bought a £13.5m G200 Gulfstream in 2012. Although there is no evidence the accountants knew of the source of Korotchenko’s funds, Appleby emails reveal the money emerged from an account at a Latvian bank held by a British “limited liability partnership”, Intertrade Continental LLP – the same kind of set-up previously exposed by the Eye as the money-laundering vehicle of choice.

At the time of the jet purchase, Intertrade Continental LLP filed accounts saying it was a “trade agent for industrial equipment” earning commission of £4,600 a year. It was owned by two Seychelles companies, Monohold AG and Intrahold AG, whose names will be familiar to Eye readers. They are straight out of the International Overseas Services network exposed in the Eye’s Where There’s Muck There’s Brass Plates special report in May 2013. Together, they jointly own around 600 further LLPs.

There was also plenty of work with Appleby clients for the world’s largest accountancy firm and engine of the “LuxLeaks” tax avoidance factory, PricewaterhouseCoopers. The firm could also be found advising wealthy private jet tax dodgers. “Appleby are good friends of ours,” wrote one of PwC’s Isle of Man tax directors to a colleague in PwC Moscow’s “private wealth services” division in 2013, after the latter had approached the lawyers with “several potential clients, who consider using IoM for their aircraft structures”.

‘A lively biography’
One PwC client was oligarch turned MP Vitaly Malkin. “Also sometimes we ask PWC for their professional tax advisers,” came the reply of the oligarch’s lackey to Appleby’s request for details of Malkin’s money. After some digging, Appleby hit on a snag: “Like many Russian billionaires,” reads an internal email, “Mr Malkin has a lively biography” including, according to Malkin’s client file, “close connections to the Kremlin… alleged involvement in criminal activities [and] misappropriate allocation of funds”.

This stark assessment was based on Canadian federal court documents stating how, during the fall of Soviet communism, Malkin was alleged to have siphoned $48m from a debt-reduction deal with Angola, while a visa officer told the court how Malkin “had used profits from organised crime to subvert the democratic process in Russia” in a bid to swing the elections in favour of Boris Yeltsin. When Appleby raised these “minor points” with Malkin’s representative, she dismissed them as “mean comments” unworthy of attention. They certainly didn’t phase PwC.

As LuxLeaks showed, however, PwC’s real specialism is in the huge corporate tax scheme. No part of the world is too poor to be exploited by their tax planners. So when India’s GMR Group bought half of a Dutch power company in 2010, it did so on the strength of PwC’s tax advice, said Appleby, “via a Maltese company wholly owned by an IoM company, in turn wholly owned by a Mauritus [sic] company which is owned by the Indian company”. When the interest was later sold, the gain will have escaped the clutches of the Indian taxman.

Closer to home, PwC used a similarly huge “tax structure”, involving half a dozen Luxembourg companies, for the Blackstone private equity group’s £300m re-financing of its investment in the Chiswick Park office complex in 2013. All this from the firm whose head UK tax partner, Kevin Nicholson, told parliament in 2013: “We are not in the business of selling schemes.”

Offshore trebles all round
Deloitte, meanwhile, could be found advising multinationals including Holidaybreak and engineering group Amec Foster Wheeler on rearranging their finances offshore to take advantage of tax law changes in 2012 that they had loudly cheer-led. “We do have a good news story now,” Deloitte’s senior tax partner, Bill Dodwell, said at the time. “We can indeed compete with the Netherlands, Luxembourg and Switzerland.” As the Paradise Papers show, it is indeed now offshore trebles all round.

In an “asset and wealth management” report for its rich clients last month, PwC speculated that: “Being viewed as not paying a fair share of tax or using questionable tax havens will [soon] be unacceptable.” But there is little sign that the Big 4 beancounters are about to walk away from them and the fat fees they pay. Just how fat was revealed in a proposal for advice from PwC’s London office to Allied Irish Bank in 2013: “Our hourly charge-out rates are as follows: partner – £650; director – £570; senior manager – £440; manager – £370; senior associate – £310; associate – £110”. As it is the same top beancounters to whom governments turn to for advice on handling tax havens, they’ll be playing the great offshore game for some time yet.
Julie1962
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24-11-2017, 01:37 PM
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Re: Labour Not Fit For Opposition

Well yes but it's up to us to elect people who are trustworthy. I don't think we are engaged enough in politics I hoped the referendum might have been a catalyst but the mess that is being made of it is putting people off again.
Tupman
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24-11-2017, 01:43 PM
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Re: Labour Not Fit For Opposition

I suppose Realist it's easier to keep attacking Labour post after post.

As it's impossible to try and defend the dismal record of the clergyman's daughter, and the rabble that surrounds her.
swimfeeders
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24-11-2017, 01:49 PM
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Re: Labour Not Fit For Opposition

Hi

We have a two party system in reality.

If May messes up Brexit, then Labour will be in power.
Purwell
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24-11-2017, 01:49 PM
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Re: Labour Not Fit For Opposition

Originally Posted by Tupman ->
I suppose Realist it's easier to keep attacking Labour post after post.

As it's impossible to try and defend the dismal record of the clergyman's daughter, and the rabble that surrounds her.
All of them with their snouts in the trough.
Realist
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24-11-2017, 11:13 PM
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Re: Labour Not Fit For Opposition

Originally Posted by swimfeeders ->
We have a two party system in reality.
Yes we do but it is a complete sham, an illusion of democracy. Whichever you vote for is still working for the unseen masters who no-one elects.

The 2 party politics system needs to be busted and removed.
 
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