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Water


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From: The Socialist issue 921, 19 October 2016: NHS at breaking point

Search site for keywords: Them & Us - US - Water - Tax - Cadbury

Them & Us

Them and us fishes, photo Suzanne Beishon

Them and us fishes, photo Suzanne Beishon   (Click to enlarge)

Chocs away

Multinational food giant Mondelez dodged nearly 36 million in UK tax last year.

The US-based corporation made pre-tax profits of 117.3 million. But interest payments and a tax-exempt sale meant it paid zero corporation tax.

Mondelez - then part of Kraft Foods - bought UK chocolate firm Cadbury in 2010. Boss Irene Rosenfeld had promised not to close the Somerdale factory near Bristol.

>She did close it. 400 workers lost their jobs.

Cadbury UK also paid no corporation tax on profits of 96.5 million. Rosenfeld 'earned' 13.1 million.

You can't control what you don't own. The Socialist says: nationalise the food giants to stop tax dodging and safeguard jobs and quality.


Water rip-off!

The richest man in Hong Kong, billionaire Li Ka-shing, has made 140 million from his stakes in UK water companies.

Southern Water started paying dividends again for the first time in five years, including 82 million for Li. This was in spite of receiving an average of twice the complaints of other water firms.

And Northumbrian Water paid CKI, Li's holding company, 58 million. Tax breaks meant it paid no corporation tax on its 131 million profits.

Water regulator Ofwat announced a restriction on water bill hikes in 2014. However, this was not enough to outpace inflation. The average annual water bill was set to break the 400 barrier in 2015.

Before the Tories privatised utilities in 1989, the average bill was 236. Public ownership under democratic worker's control and management could sort that out.







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