12 words from a Labour MP just blew the Paradise Papers wide open
In the House of Commons, 12 words from Labour MP Margaret Hodge just blew the Paradise Papers scandal wide open.
The papers
The Paradise Papers detail the offshore tax affairs of more than 120 politicians and leaders and over 100 corporations. The investigation came about after a leak of millions of documents from offshore law firm Appleby.
The 12 words
After securing an emergency debate on systemic global tax dodging, Hodge told parliament:
Every £1 invested in HMRC enforcement yields £97 in additional tax revenues.
This means that the government receives up to a 9,600% return on investment in enforcing tax rules on large businesses. But as Hodge then noted, the government is actually cutting HMRC staff in the name of austerity:
https://www.thecanary.co/uk/2017/11/14/12-words-labour-mp-just-blew-paradise-papers-wide-open/It’s a complete no-brainer that we should be strengthening HMRC and reversing some of the 40% cuts they have suffered under the austerity programme
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