Tag Archives: capital

Looking after their chums: Jacob Rees-Mogg’s business partner gets senior trade role

Rees-Mogg: one of his business chums just landed a job in the government, for no very good reason.

Isn’t it strange how Tories say they hate socialism – but practise it all the time, albeit limited to just themselves and their chums.

We’ve got seriously straitened times coming, and the Tory response has been to hand billions of pounds, that was intended to cope with Coronavirus, to their friends under false pretences.

And those chums to whom they couldn’t hand over massive gobbets of public cash got public jobs instead – like this one:

Abusiness partner of Jacob Rees-Mogg, who is also a former vice-chair of the Conservative Party, has been appointed to a senior role at the Department for International Trade.

International Trade Secretary Liz Truss announced that Dominic Johnson, CEO of Somerset Capital Management, will be joining the DIT non-executive board, and will chair the Audit and Risk Assurance Committee.

It seems this Johnson’s qualification for the job is knowing Jacob Rees-Mogg.

Can you imagine the fuss they would make if anybody else adopted these corrupt practices?

Source: Chumocracy: Jacob Rees-Mogg’s Business Partner Appointed to Senior Trade Role – Byline Times

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Theresa May’s husband works for a firm that didn’t pay tax for eight years. Has it started yet?

Philip and Theresa May.

A row over the amount of tax paid by the firm that employs the prime minister’s husband has been revived – just in time for Christmas.

It was reported last year that the investment firm that employs UK prime minister Theresa May’s husband, Philip, had not paid any Corporation Tax since 2009.

The tax is paid only on profits, and it seems Capital International Ltd had managed to make a loss of £125 million over the eight-year period between 2009 and 2017.

It did, however, have a turnover of £467 million – nearly half a billion pounds – in the same period, and has assets of £1.1 trillion.

And it managed to pay its board of directors a total of £43 million in salaries and benefits during that time.

Creative accountancy?

You have to admit, it’s a little odd for a firm to be paying out bonuses to anybody at all if it is losing money.

It seems the company, which is part of the international Capital Group, made its losses after making multi-million pound payments to its parent organisation which is based in the United States and pays its taxes there. Another subsidiary, Capital International Sarl, is bassed in the tax haven of Switzerland.

It does not pay tax in years when it makes losses or in years when those losses have been carried forward.

The amount paid to Mr May is not known as the prime minister does not have to declare it.

The company expressed an intention to start paying tax again in 2018 and it is possible that the row has erupted again because we have seen no evidence that this has happened.

What are we to make of this?

People are certainly asking hard questions on the social media:

Meanwhile, Mrs May has been spotted in an exclusive shop where a handbag can cost hundreds of thousands of pounds – a price she certainly can’t afford on her Parliamentary salary:

I would like to have some answers on this. Wouldn’t you?

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Why SHOULD the government suck money OUT of the economy?

George Osborne: Mouth open, mind shut.

George Osborne: Mouth open, mind shut.

Economists are probably lining up right now to demonstrate that George Osborne is a fool.

The Chancellor is trying to persuade us that aiming for an immediate budget surplus is good policy. Experts disagree.

Very quick off the mark is Professor Simon Wren-Lewis in his Mainly Macro blog. He has already pointed out that fiscal tightening is a terrible idea when interest rates are at their zero lower bound (ZLB), as they are at the moment – if economic growth falters, then monetary policy cannot come to the rescue because interest rates are already as low as they can be.

The International Monetary Fund (IMF) reckons that there’s no reason for the government to reduce debt from its current level of 80 per cent of GDP, as long as the market is happy to keep buying it up. This Writer has issues with that, because it is not advisable for the UK or any other country to become a debt-servicing economy. However, the principle that there is no need for drastic action is sound.

Professor Wren-Lewis also examined a few of the current arguments in support of Osborne and rubbished them in his usual amiable way:

Osborne’s plan may provide scope for dealing with further ‘Great Recessions’ without running out of what the IMF calls “fiscal space” (the amount of extra debt into which the UK could fall before there was any need for serious concern) – but this would demand that ‘Great Recessions’ take place much more often in the future than the past.

The claim that we should reduce the debt burden for future generations is dismissed as perverse, as it means “the costs of reducing debt would largely fall on the same generation that suffered as a result of the Great Recession”.

Leading on from this, he points out that any claim that an individual would want to pay their debts down quickly is not accurate, for the very good reason that nations are not like individuals; they are more like corporations. Firms live with permanent debt because that debt has paid for the capital purchases they have made: “The state has plenty of productive capital…. If we paid back most government debt within a generation, we would be giving that capital to later generations without them making any contribution towards it.”

From here it is fairly easy to see that selling off national assets (like the Royal Mail or Eurostar – or any of the profit-making utility firms, back in the 1980s) is a bad idea, because the national corporation (the UK) then fails to benefit from the proceeds of all its investment. The railways are an even worse case, because the country is subsidising them with more money than when they were a nationalised industry, but receives none of the profits.

Narrow down your definition of what is happening even further and we see that George Osborne is making the poor pay – with squeezes on benefits – in order to allow the rich to benefit; they will own the assets that the government is selling off while paying nothing towards the capital costs discussed above.

So – unless you are one of the very few people rich enough to profit from Osborne’s policy, do you really want to support him now?

This blog would be particularly interested in hearing from working people who voted Conservative last month:

Did you realise that Osborne would be penalising you and your descendants?

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