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The exodus continues

A couple of weeks ago I linked to a story about how the UK drugmaker Shire was planning to relocate offshore to avoid paying UK tax. The FT reports today that a large number of blue-chip firms are looking at following suit.

The problem, however, is that even if the UK government cuts corporate taxes to entice firms not to leave, a high-spending administration like this one is likely to recoup any loss of revenue by hiking taxes elsewhere. If it does, that will only encourage more people to leave.

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3 comments to The exodus continues

  • Good. As James writes above, it is high time for Atlas to start shrugging. Screw the UK government and screw the people who vote these greedy bastards into office.

  • Paul Marks

    But surely the Financial Times has a solution:

    More land should be taken from farmers and given to poor people – that would be a “win for everyone” and so noone would leave the country.

    At least that was the idea in a “major report” that they were supporting in today’s issue of that newspaper. After all it if is good for South Africa….

    It makes me glad I never buy the F.T. (or the Economist or the…..).