The banks and big business are making monkeys out of the government. Of the Big 4 technology giants, Apple (according to Sunday Times research) is estimated to have dodged £570m tax last year. Analysis of data filed by the company in the US suggests that the UK would normally account for one-tenth of Apple’s global revenue. On that basis the company’s UK turnover last year was about £6.7bn, implying an estimated profit of £2.2bn which should generate £570m in corporation tax at 26%. However, Apple’s latest accounts show UK turnover at slightly over £1bn and a profit of just £81m, i.e. only £14.4m was paid in tax – a mere 2.5% of its true tax liabilities. Continue reading
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Foxconn: right and left should stop apologising for China
Barack Obama’s hot date for Valentine’s Day this year was none other than Xi Jinping, the man set to take over as president of China at the end of this year. The White House celebrated his visit with a level of razzamatazz not usually accorded to anyone short of the rank of head of state, or so we read.
The warm welcome should surprise no-one. Much the embarrassment of the free market right and a sizeable chunk of leftist opinion alike, the alliance between US-based multinational capital and Chinese Stalinism constitutes the most important bilateral economic relationship in the world today. Continue reading
