Saturday, 19 October 2013


Lord Rothermere of The Daily Mail
appeasing Hitler before World War Two.
Letter to Rt Hon Andrew Smith MP for East Oxford, UK 19 Oct 2013

The news that Boris Johnson and George Osborne are selling the UK’s nuclear domestic power industry to China – and presumably to any other foreign bidder – is terrifying. They are afraid to sell the NHS to America, so they sell off control of our energy infrastructure instead. “Inward Investment” is borrowing by another name and the capital inflow will cost the UK very dearly as China takes its dividends, imports Chinese materials, supplies, managers and workers and holds the UK to ransom for the next 50 years. 

The UK does not need foreign capital. We are the 7th largest economy and have been a dominant trading nation for hundreds of years. The surpluses generated, in excess of $3 trillion, have been siphoned via The City to tax-havens by UK firms and individuals. Instead of increasing the UK’s borrowings and paying the awful price, government should instead immediately repatriate all the offshore assets and invest them at home. Tax-Haven assets are by definition undeclared for tax. GCHQ know precisely where the assets are hidden and what illegal false accounting entries siphoned them from the UK. HMRC can legitimately retrospectively assess the entire amount under Back-Duty-Tax laws and bring the money back to the UK.

Would you please put this plea for repatriation to your Party colleagues and please raise the question in Parliament that I asked last year “Who in government uses tax-havens?” The offshore assets are controlled by 0.5% of the population so repatriating the untaxed funds ($3 trillion – 8 million jobs) will not lose votes for Labour and will probably win over many of the 99.5% of honest tax-payers.

Thank you - Noel

PS – This letter to The Guardian 18 OCT 2013 below cites hyperlinked evidence for my assertions:

We do not need Chinese cash or any other “inward investment”. Barry North, Guardian Letters 18 Oct 13 “Who owns Britain maps the circular trick where companies load themselves with “debt” and pay huge interest to kill UK taxable profits. He tacitly accepts the tax-industry-PR false mantra that such self-invoicing (via tax-havens) is legal. It is not legal in UK, USA or OECD tax law. HMCR can and do reject “artificial and fictitious” claims that are not: “At arms length, or concocted to avoid tax, or not wholly necessary for the business, or not on commercial terms”.  This is UK law. Many UK and USA back-duty cases recover tax + penalties + compound interest + costs when tax collectors retrospectively deny such false claims, e.g. for 25 past years. Some tax evaders and advisers also go to prison. It is such false accounting, with the complicity of auditors and corrupt tax officers (ENRON, Parmalat, Tyco, Olympus) that siphons $1 trillion per year to tax-havens, now hiding $32 trillion, which the source nations could today tax and repatriate. The UK could and should rapidly recover $3 trillion (3 years Budget) and the USA $16 trillion (the entire US debt) of the assets gouged from our High Streets. GCHQ and the NSA have all the records of the false transactions and bank accounts. All realists accept that $32 trillion buys a lot of friends in high and low places – but surely the Guardian is as sick of the tax-criminal imposed global austerity as are 99.5% of UK citizens. Bang ‘em up! Repatriate our money and build a great future for our grandchildren – without borrowing “inward investment”.

Noel Hodson, Oxford

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