Councillor Peter McDonald has made the following comments with regards to Businesses that Hide Money in Tax Havens:
“Firms that hide money in tax havens must not receive public bailouts. Multi-billion pound companies, including Richard Branson’s Virgin Atlantic, have pleaded for state funds to prop up their ailing prospects during the corona virus pandemic.
Bromsgrove Labour Group believe that only firms which pay their taxes, suspend dividends to shareholders and curb exorbitant executive payouts should be able to access public funds.
A recent poll by Survation found that 81 per cent of people surveyed did not want firms which avoid paying taxes to benefit from bailout schemes and we believe tax payers of Bromsgrove feel the same.
Only recently, Mr Branson sparked outrage when he asked the government for a £500 million loan to prop up his airline. Critics pointed out that the billionaire has not personally paid tax in the country since he moved to the British Virgin Islands 14 years ago.
The Labour Group believes it is time that the companies with the “broadest shoulders” paid their “fair share.” Therefore we have called upon the Leader of the Council to write to the Government making our feelings clearly felt, that we do not want to bailout firms that hide their money in tax havens.”