Wednesday, Apr 30, 2008
UK is being throttled by Labour. Economy going down the tubes!
Telegraph: Advertiser WPP may join tax exodus
One of the world's largest advertising companies is threatening to join the growing number of firms leaving Britain in protest at Labour's complex and expensive business tax regime, it was has been disclosed.
WPP, a member of the FTSE-100 index of Britain's biggest companies, is considering moving to Ireland to reduce its £200 million annual tax bill. The move could cost the Treasury up to £40 million in revenue.
Posted by tyrellcorporation @ 08:51 AM (409 views) Add Comment
12 Comments
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1. paul said...
WPP have offices all around central London AFAIK - this is quite damning for Labour.
2. paul said...
Oh yes, they also acquire around a half dozen companies a week!
3. mark wadsworth said...
This whole exodus could easily and cheaply (static cost < £1 billion, long run cost, minimal) be stemmed were they to exempt overseas dividends from UK corporation tax, like in most other European countries, I have done a more detailed post on this here.
4. inbreda said...
I'm sorry, but why are we bothered about losing £40mill in tax each year? It's nothing! Look at what has been spent on Iraq. And Afghanistan. And Northern reck. Hell - look at the millennium dome! Just watch the Olympic farce! And what about the 50 BILLION to bail out the banks?!?!?!
If the government wants WPP to stay, why doesn't it follow its usual sensible policies and offer them a trillion pounds to stick around for at least the next 6 months?
(yes, a fair amount of sarcasm, as always, is present)
5. paul said...
inbreda, I don't think the £40m is all of it. There's the jobs, the spending from those salaries, the peripheral supplier work etc. etc.
6. cornishman said...
Don't worry. Gordon Brown will take decisive action and "do what is right".
He will probably order a "review" into the matter...
7. Dude said...
I thought WPP was going down the pan because Google was mopping up advertising.
Seriously though (as if that wasn't) one of the major reasons this country is as bad as it is is because we *dont* pay enough in tax. The 'I know how best to spend my money' argument is spurious -- would you choose not to buy your 4x4 and instead spend the money on some very old, frail people you don't even know?
8. mrmickey said...
This is the problem with globalised capitalism, as the weathiest people in this country are no longer British and all our businesses are foreign owned when economic factors dictate they will all say bye bye and thanks for the good times.
9. tyrellcorporation said...
Inbreda, if profitable companies start to up-sticks you can kiss goodbye to State employees (NHS, schools, local government, Armed forces, etc). Where do you think public money comes from?
10. hpwatcher said...
I don't think the £40m is all of it. There's the jobs, the spending from those salaries, the peripheral supplier work etc. etc.
I don't give a damn about any of that....there are far too many people in London as it is.
11. last_days_of_disco said...
Capital has no loyalty, deal with it.
12. Green Clay Duck said...
I briefly worked for a WPP company. From what I saw of the type of person who worked there (typical London urbanite) I can't imagine that many of them would be happy to move to Ireland... but I guess if there are no other jobs on offer and a mortgage in negative equity to pay...