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From The Socialist newspaper, 18 February 2015

HSBC tax dodging scandal

Put the establishment on trial!

Simon Carter

The HSBC tax dodging scandal has further exposed the rottenness of the political establishment. Both the Tory party and Labour received millions in donations and loans from super-rich tax avoiding clients of the UK based HSBC banking giant's Swiss branch.

Top officials at HM Revenue and Customs claim ignorance of whistleblower Herve Falciani's 2008 offer to send them HSBC's tax scam details. But by April 2010 HMRC had received the HSBC list. Why then in November 2010 did Prime Minister David Cameron elevate HSBC boss Stephen Green to the House of Lords?

Despite evidence of illegal tax evasion practices only one UK account holder has been prosecuted from a list of 2,000 handed to the HMRC. Incredibly, tax bosses failed to prosecute multimillionaire and HSBC Swiss bank branch client Paul Bloomfield despite concluding that he owed 20 years' tax!

So why haven't legal proceedings been taken against HSBC executives? After all, this was the bank fined $1.92 billion by US authorities in 2012 for laundering drug cartel money through its Mexico operation.

Only now, after the proverbial horse has bolted, does the Treasury Select Committee say it will look into possible illegal practices at the bank. And despite successive Labour and Tory government Chancellors repeatedly announcing crack downs on tax dodging billionaires and corporations there is clearly little to show for their rhetoric. However these governments have relentlessly hounded those on the lowest incomes, sanctioning benefit claimants often for the most trivial of reasons.

None of this is surprising. The 2008 financial crash and subsequent 'great recession' demonstrated the unity of the super-wealthy, capitalism and political establishment in protecting the privileged elite with bailouts and more tax concessions while making us pay. We need working class unity and socialism to rid society of these parasitic freebooters and hirelings.

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Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
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  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
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In The Socialist 18 February 2015:


Socialist Party news and analysis

Workers' pay down 2,500... Bosses' pay up 700,000

HSBC tax dodging scandal

How the super-rich get away with it

Them & Us


Socialist Party congress

Preparing the forces to fight capitalist austerity


International socialist news and analysis

Greece: If the Troika does not back down?

"Dogs of war" unleashed against water tax movement


Trade Unionist and Socialist Coalition

"Vote for hope and an alternative"

"I want to tell the truth about the crime of austerity"

Socialist Party election appeal


Socialist Party workplace news

Support the firefighters

Lewisham: striking against 'academisation'

London bus strike suspended - prepare for more action

Protest wins reinstatement of Crossrail worker

Tories' probation disaster

Fighting for a 10 minimum wage


Socialist Party reports and campaigns

Fighting racism with Solidarity Street

Labour council to deal 'savage blow' to Coventry

Campaign news in brief

May Day greetings with the Socialist


Socialist Party comments and reviews

"Driver, why are you late?"

Decades of disastrous and bloody interventions

Shallow look at racist far right

Individual registration excludes voters...


 

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Related links:

HSBC:

triangleFinancial hardship facing millions of cancer sufferers

triangleAppeal: Don't let the banks wreck our finances!

triangleHSBC jailbreak

triangleQuiz of the year

triangleThem & Us

Tax:

triangle30 years since the huge anti-poll tax demo... And how mass non-payment of the tax was built

triangleNewham campaign set up against council cuts and tax hikes

triangleLiverpool & District Socialist Party: 30 years ago - How the poll tax was defeated

triangleSalford 'no-cuts' budget includes cuts and tax rises

Trial:

triangleTV review: The Trial of Christine Keeler

triangleHong Kong protests: No let-up in trial of strength

Super-rich:

triangleTake the wealth off the super-rich

triangleThem & Us

HMRC:

trianglePCS: "Under the right leadership workers are prepared to fight"

Labour:

triangleEnd of the Corbyn era

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