Tax Justice UK, the newly launched sister organisation to the Tax Justice Network, releases today its detailed analysis of the general election manifestos of the main political parties, assessing how far they advance, or reverse, an agenda that is compatible with the pursuit of tax justice principles and the public interest. It finds that none of the parties will admit that, ten years after the financial crisis, the British economy is being run in the interests of a small financial elite based in the City of London, to the detriment of the rest of the British population and of many other people across the world.
Will Snell, Director of Tax Justice UK, commented:
"Ten years after the crash, little progress has been made. Household debt is at record levels. Air pollution levels are hazardous in our cities; climate change is unaddressed. Investment in productive jobs has not materialised. Market power has become concentrated in the hands of multinational companies who extract wealth without paying taxes on their vast profits. The majority of new jobs pay low wages and provide little or no job security. Housing is unaffordable. Wealth and income is unevenly distributed between a tiny minority and vast numbers who are ‘just about managing’. The UK’s financial system remains opaque, unaccountable and rigged to serve the interests of the 1%, not the 99%. The status quo is neither equitable nor sustainable, and it will only get worse if the threats to turn the UK into a ‘Brexit tax haven’ become reality. The next government must take it upon itself to run the country and the economy in the interests of the whole population, not just those at the top of society.”
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