Daily Management Review

Oxfam Calls to Fight Tax Evasion


More than a quarter of the capital, created in the UK over the past 15 years, settled in the wallets of the richest people, who make up only 1% of the population, according to the international organization Oxfam.

In its report, the organization particularly stresses that many of the "rich British taxpayers" evade the payment of taxes by withholding funds that could be used to fight poverty.

The charitable organization also called to apply stringent measures to so-called "tax haven" countries.

Overall, the net assets of the UK population increased from £ 6 trillion in 2000 to £ 10 trillion in 2015, according to the calculations of the Swiss bank Credit Suisse.

However, only 7 pence from each pound of the capital created in the UK went into the pockets of 30 million people, which are among the poorest 50% of the population. Thus, 26 pence from every pound were put in the pockets of the richest, which is 1% of the population.

This 1% of the population is 600 thousand men, who built up their fortune by 79% to £ 2,4 trillion, or an average of £ 3.7 million each, over the last 15 years.

During the same period, average capital of the poorest 10% of the population, including debt, rose to £ 1600 compared with £ 1100.

Oxfam’s analysts say that the growth of well-being should be distributed more evenly. Their figures show that more and more people are turning for help to the Food Bank to feed themselves.

"It is wrong that a small group of people is saving up so much of the growing capital of Great Britain, while almost nothing goes to those who have little, - says executive director of Oxfam Mark Goldring. - It is necessary to take measures to provide distribution of growing prosperity more evenly to ensure everyone has a fair share."

The report " End the Era of Tax Havens " by Oxfam analysts say that rich people sent money to "secret jurisdictions", such as the Cayman Islands or Bermuda, which promotes stratification of the population by income level.

In its report, the organization notes that the state treasury is losing about £ 5 billion a year because of tax evaders who keep more than £ 170 billion in jurisdictions that are considered "tax haven".

In addition, analysts emphasize the effect of population stratification by income level, noting that governments are losing up to £ 120 billion. At that, poor regions of the world lack £ 43 billion.

Oxfam also calls on George Osborne to use the budget that will be discussed on Wednesday to fight tax evasion: it is necessary to demand from UK companies to publish data on income and taxes by country, believes Oxfam.


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