Peter Mandelson famously declared himself “intensely relaxed about people getting filthy rich, as long as they pay their taxes”. His successors now appear intensely relaxed about the wealthy not paying their taxes at all. Senior Blairite John McTernan has responded to last weekend’s Panama Papers revelations by reassuring Telegraph readers that “tax avoidance is an expression of basic British freedoms.”
It also appears to be an expression of the basic Russian oligarch freedom to transfer huge kickbacks out of their country, and the inalienable right of dodgy Middle East politicians to set up shell companies in jurisdictions with banking regulations so light touch that they would make Gordon Brown blush, but let that pass. Continue reading