Posts Tagged ‘Camden Market’

Private Eye on the Non-Dom Press Barons of Fleet Street

April 22, 2015

Ed Miliband’s announcement a few weeks ago that he would end non-dom tax status was greeted with howls of derision from the right-wing Tory press. The Evening Standard, Torygraph and the Heil all claimed that if the various millionaires resident in Britain, who weren’t paying their taxes here, were forced to do so, then they would all leave en masse.

As Private Eye pointed out in last week’s issue, these paper’s stance has hardly been disinterested. Their owners are all non-doms. Evgeny Lebedev, the Russian oligarch, who owns the Evening Standard, last year dodged the Eye’s questions on where he pays his tax. The weirdo Barclay brothers, the owners of the Torygraph, are tax exiles in Monaco and the Channel Islands. And the Mail’s Viscount Rothermere is another one. He inherited his non-dom tax status from his father, despite not living abroad and building something that can only be described as a stately home in the south of England.

Sky also decided to join in the criticism, while obviously not mentioning that its owner, Rupert Murdoch, also doesn’t pay tax in Britain. Neither in fact, does Dirty Rupe’s papers, the Sun and the Times, which the Eye revealed a few years ago to be registered abroad for the purposes of corporation tax. So much for the true-blue British patriotism of these papers.

The Eye refuted all this criticism by printing the views of Jolyon Maugham, a QC who has advised both Labour and the Tories on tax policies. Maugham pointed to the similar criticisms levelled at Labour by the papers when the party first started levying taxes on non-doms in 2008. Then the Mail predicted a massive stock market crash, and it, the Telegraph and the British Banking Association all warned that Britain’s millionaires were considering leaving the country. In fact, the opposite was true. By the end of 2014, according to the Eye, about 54 per cent of property sales in Kensington were to foreign purchasers. At the moment, there are 115,000 non-doms in London, because the capital is still an extremely attractive place for millionaires.

The article also points out that the Financial Times also supports the ending of non-dom tax status. They suggest, however, the paper didn’t come out and make its opposition to the tax status earlier because until 2013, it was partly owned by Dame Marjorie Scardino, who would have been entitled to non-dom tax status on her London flat.

Readers of Johnny Void’s blog will know about the problems created in London by the presence of the global super-rich, and the way they are pushing ordinary working and lower-middle class Londoners out of the city. In a post I reblogged here a few days ago, Mr Void described the appalling destruction of London’s working class and counter- or alternative cultural heritage. Like the historic Black Cap gay bar, Soho, Tin Pan alley, parts of Camden market, and the relocation of St Martin’s school of art. It does seem that the capital’s real, living heritage that has grown up over decades and centuries, is being gutted in order to leave the capital another sterile, homogenous global environment for the planet’s super rich.

This has to be resisted – not just in London, but all over England and the UK. It’s part of a general process throughout Britain where gentrification and the desire to please and attract the wealthy from across the world is destroying working class communities, and the places they live, work, shop and relax across the UK.

The problem isn’t that if Ed ends the non-dom tax bracket, there’ll be an exodus of oligarchs and multi-millionaires, as the Week put on its cover last Friday. The problem is the opposite – that if the power and cupidity of the super-rich isn’t curtailed, they’ll price the poor out of their homes altogether. It’s most acute in London, but if it isn’t stopped, it’ll come to somewhere near you very quickly.

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