to think the entire financial sector is riddled with corruption and wrong-doing and benefits-bashing is a convenient distraction?

[edamsavestheday]

Yet another major scandal erupts this time it's HSBC helping the rich evade taxes. Criminal investigations in four countries, including France and the US, but of course not in the UK - just one person has been prosecuted here, even though HMRC are have known about it for five years.

And this comes after not merely crashing the world economy but scandal after scandal after scandal, usually politely called 'miss-selling' rather than fraud: PPI, interest rate swaps for small businesses, ID theft 'insurance', pensions (several different ones), forcing viable small businesses into administration so the bank can grab their assets (RBS), endowments, no doubt many more I've forgotten.

What are the chances that anyone in power will clean up the City? Hmm, could that possibly be zero?

YANBU. It's very convenient to scapegoat people on benefits as they have no way of fighting back. It'll upset their mates to much if the government actually do anything about tax evasion and the banks underhand tactics.

This pic is doing the rounds on FB says it all really.

So much corruption went on in banks - i caught a bit of Jeremy vine on radio 2 today and the man they had on there admitted it was the rich and famous they targeted to flog their 'avoid paying tax' schemes and so on. Utterly dreadful, but, sadly, it does not surprise me at all! So much more to come out I think, we are being drip fed what went on and a lot of it will still be covered up too. Its the reason the poor and working poor that are claiming benefits, are being made scapegoats and also why they had to bring in Uni fees. Politicians know more than they let on. Just my opinion but its all very depressing.

YANBU

Did you actually read the article (which is incorrect btw)? The illegal activities went on until 8 years ago when the activities were leaked. Most governments recovered the money and laws were enacted in many countries including the UK (ever heard of UK FATCA) to stop this happening again. Despite what the article says the banks are not "now facing charges in a number of countries", they (like most banks) have been criminally under investigation for some time. I get that no one likes banks but I hate the British media and their allergy to facts.

You are totally totally nbu! Tax dodging costs this country £70 billion pounds a year. Welfare cheating is about £1 billion, top estimate.

YABU.

Corrupt and fraudulent activities in the City and tax evasion need sorting.

Fraud and inefficiencies/unfairness and mismanagement in the benefits system need sorting.

It's not one or the other. If there was no bad behaviour in the City, that wouldn't mean the country was suddenly rich and cuts could be avoided.

I don't think a discussion about benefits is being used as a "distraction" from a discussion about the City. They are both being discussed.

YANBU sadly this is endemic of a capitalist economy.

YABU... I think it's easier before election time to redirect popular anger toward the Financial sector, since it's the middle and working class pet hate, rather than start a constructive discussion about spendings and benefits.

It's a bit of a leap to pick up on something that one company did over 7 years ago and suddenly declare an entire industry is corrupt.
Tolly That figure for tax avoidance includes everyone who has an ISA and therefore avoids paying tax through a totally legitimate government endorsed scheme - are you really saying they should be clamped down on?

Yabu. Benefits and tax evasion are two different issues. Both need addressing (and many others), one doesn't cancel the other.

I think any 'legal' loophole for avoiding tax needs to be examined carefully. If it's a scheme such as you referred to that encourages saving and allows a small amount tax free I think it might be prudent to let it remain. But what does need clamping down upon by Gideon and Call me Dave are the aggressive tax avoidance schemes that allow individuals/ corporations to avoid paying tax. We pillory people on benefits for daring to have a disability, whilst being told that it's good for the economy to allow corporations AND individuals who profit from the UK to avoid paying their dues. I have no idea, not being an economist, of the amount of that actual figure that comes from people saving into isa's, but I would bet my bottom dollar it's not a fraction of the amount lost through clever taxation schemes. And yes, they are legal but that doesn't make them right. Unfortunately can't see Gideon doing a huge deal about it.

Tolly
There will always be a tension between what different people think is 'right'.
A lot of these schemes came into existence because they were the right thing to do at the time. The music investment 'sting' that caught Michael MacIntyre and Gary Barlow and all the other celebs out last year was very similar to the film one that came about because there was very little money being invested into the UK film industry. So it was decided that a loophole would be created to allow this to happen. And that loophole has been used. You might call that exploited, but it was legal avoidance, not illegal evasion.

Corporations have a legal duty to their shareholders to maximise returns (ie profits) and that means minimising waste in the business (so not sending everyone flying around the world on private jets) but also minimising things like tax. A board of directors that doesn't look into their tax affairs is being negligent to their shareholders and could technically speaking be sued if they were proven to have not paid enough attention to it.

YANBU

Finance and banking is a cesspit and the higher the up the corporate ladder, the higher the stink!

Limegold, a whistleblower was sacked in 2013. And I wouldn't trust HSBC's word that they've cleaned up their act. You wouldn't rely on a burglar's promise that he's stopped robbing, why is this bunch of repeat offenders any different?

Sparechange, I listed scandal after scandal after scandal, this is just the latest of very many turds. It's not just something one company did at one point, fgs. Have you not heard of the crash, of endowments, of PPI and the rest?

Meanwhile HMRC are busy cracking down on small time tax evasion.

There's this ad on the radio where you hear a man talking about not declaring every £10 he makes cash in hand, everyone does it... and there's this sound of something like a metal detector which gets louder and louder. Then the stern, growly voice of an actor playing the HMRC Tax Inspector who says they are now tracking down tax avoiders...

Maybe this is wrong of me but I find myself listening to this ad thinking I really don't give a shit about some trademan not declaring every last penny of his income.

Not when IDS in the example up page is claiming £39 for his breakfast... and we hear of this scrounging going on again and again the upper echelons of our society.

But, oh yes, lets concentrate on the small time cash in hand economy and DLA fraud , easy targets apparently, but neither are bringing this country to it's knees imo.