What is likely to happen if a country runs out of cash ?

[PaulT]

Sorry, going to take this off course and perhaps Gluestick has some thoughts on this.

We bought our house in early 2007 and the exchange rate was about 1.485 euros to the £. Since then it has been down to virtual parity and today at about 1.34.

Obviously, if the UK had joined the euro then there would be no exchange rate or ups and downs.

So how would the UK have fared if it had joined the euro?

[Gluestick]

[quote user="PaulT"]Sorry, going to take this off course and perhaps Gluestick has some thoughts on this.

We bought our house in early 2007 and the exchange rate was about 1.485 euros to the £. Since then it has been down to virtual parity and today at about 1.34.

Obviously, if the UK had joined the euro then there would be no exchange rate or ups and downs.

So how would the UK have fared if it had joined the euro?[/quote]

Utter financial, fiscal and monetary disaster, Paul.

Mainly since Britain would have lost its ability to:

Adjust Base Rate/s:

Money Supply: (e.g. no QE):

No sole intervention in Northern Rock, RBS, Lloyds, etc.

And finally, the exchange rate on joiing would have been fixed (very much to UK's disadvantage) on the benchmark of ERM.

Which, if you remember, cost the exchequer £1 billion.

Interestingly, I am attending an economics seminar in early March, when the speaker is Lord Lamont: and I am determined to pose the question, "Does George Soros send you a Christmas card each year?"

[:D]

[ebaynut]

NormanH wrote,

One of the big banks/financial institutions (can't remember which one at the mo) is already forecasting that the next UK Government will be formed by a coalition of Labour and the SNP.

Anything would be better than the present filth.

I wonder who you would prefer to run the UK then, perhaps the ‘great’ Mr Brown, he made such a good job of it all when he was driving.

Or perhaps you love Mr Blair, that great LABOUR leader who lied to parliament about about WMD in Iraq, ignored over 1,000,000 people who marched in London opposing any war. He has caused jointly with his buddy George more death and mayhem in this world then any past prime minister has in living memory. I suspect you are also happy to see the shed loads of cash he earns. A true Labour ‘man of the people’.

You must, as a Labour supporter be REALLY proud of your party!!!

[Rabbie]

[quote user="ebaynut"]NormanH wrote, One of the big banks/financial institutions (can't remember which one at the mo) is already forecasting that the next UK Government will be formed by a coalition of Labour and the SNP. Anything would be better than the present filth. I wonder who you would prefer to run the UK then, perhaps the ‘great’ Mr Brown, he made such a good job of it all when he was driving. Or perhaps you love Mr Blair, that great LABOUR leader who lied to parliament about about WMD in Iraq, ignored over 1,000,000 people who marched in London opposing any war. He has caused jointly with his buddy George more death and mayhem in this world then any past prime minister has in living memory. I suspect you are also happy to see the shed loads of cash he earns. A true Labour ‘man of the people’. You must, as a Labour supporter be REALLY proud of your party!!![/quote]And You must be REALLY PROUD of the present government. The way they have helped the very rich and the expense of the poor is really heartwarming. The forgiving way they allow Tax evaders to get away with not paying tax is positively charitable compared to the vindictaveness shown towards peoiple who make a minor error in claiming a benefit and have to go to foodbanks to prevent their children from starving.

They really make me proud to be British

 

[woolybanana]

AS far as I can understand, these tax avoiders have done nothing illegal but have taken advantage of loopholes in the taxation system.

According to the tax authorities, very large sums have been clawed back from those who were due to pay it and a few have been referred to the criuminal justice system.

Remember, ihere is a general election coming and the arleholes are out trying to score points.Margaret Hodge's screaming at a civil servant yeaterday was nothing short of shameful and she should resign immediately. And, remember, she is very rich.

As to the next government, any combination of the vengeful and undemocratic SNP and the incompetent McClusky controlled Labour party will lead to the Cubanisation of the UK where the citizen will be managed by an administrative elite which grows and grows and which owes allegiance to the ruling clique. Plus confiscatory tax levels and falling tax revenues as anyone with more than five bob leaves the country and the unions take over in the successful factories, like Honda, Nissan and Jaguar, leading to a huge increase in the unemployed who will receive benefit for ever.

If you dont believe me, remember Red Robbo and Harold Wilson - the difference is that this lot are malicious in the extreme.

[ebaynut]

No, I am not really proud of the present government, but at least I am not ashamed of them, like when Brown and Blair were in charge.

Anyway, how can you even compere the rich getting richer and the poor getting poorer, etc. to the loss of MILLIONS of lives worldwide and the total upheaval to many MILLIONS more due to Blair, Bush and their lies??

[Rabbie]

[quote user="woolybanana"]AS far as I can understand, these tax avoiders have done nothing illegal but have taken advantage of loopholes in the taxation system. According to the tax authorities, very large sums have been clawed back from those who were due to pay it and a few have been referred to the criuminal justice system. Remember, ihere is a general election coming and the arleholes are out trying to score points.Margaret Hodge's screaming at a civil servant yeaterday was nothing short of shameful and she should resign immediately. And, remember, she is very rich. As to the next government, any combination of the vengeful and undemocratic SNP and the incompetent McClusky controlled Labour party will lead to the Cubanisation of the UK where the citizen will be managed by an administrative elite which grows and grows and which owes allegiance to the ruling clique. Plus confiscatory tax levels and falling tax revenues as anyone with more than five bob leaves the country and the unions take over in the successful factories, like Honda, Nissan and Jaguar, leading to a huge increase in the unemployed who will receive benefit for ever. If you dont believe me, remember Red Robbo and Harold Wilson - the difference is that this lot are malicious in the extreme.[/quote]Wooly, Yesterday I listened to a program on BBC Radio 4 where a former tax inspector was complaining that many tax evaders(Not tax avoiders) were being let off a large amount of their penalties by HMRC. This does not happen to unfortunate people who make  small technical mistakes in their benefit claims. They loose all their benefits while this is being investigated with devastating effects on their families.

The UK car industry is under more serious threat from the possible loss of EU membership rather than the threat from the unions. Yes I do remember Red Robbo and Harold Wilson. I also remember a sensible Conservative party that did a lot of good for Britain in the third quarter of the twentieth century and actually worked for the good of the entire population. I have an instinctive fear of any party that appears to be acting for a section of the community rather than the country as a whole.

Unfortunately there does not seem to be such a party today so abstaining seems the only option. As a matter of record I am not a member of any party and have never been one

[Gluestick]

First one must distinguish Tax Evaders; and Tax Avoiders.

Avoidance is a game, which exploits the insane complications and arcane nature of clumsy tax laws and codes.

Evasion is, if proven, a Criminal offence, potentially. Since HMRC (UK) must not just suspect, but prove beyond any shadow of doubt purposeful evasion took place as a wilful act.

HMRC commenced an initiative, whereby those potentially guilty of purposeful evasion by way of undeclared income, profits and capital gains, could self-declare their sins and rather than be formally prosecuted, negotiate a settlement which would include the due tax, plus penalty (> 200% of the tax evaded) plus statutory interest.

It was a much quicker and more cost-effective modality for the UK treasury.

Tax offences (which include Excise Duty and VAT et al) are divided into Civil and Criminal offences. The benchmark is usually the quantum (Amount), scope and intent.

(N.B. For my sins I am a qualified accountant with a public practice, with a speciality in Forensic work, working, now part-time as, mainly, a consultant: Amongst other things..)

This latest cause celebre is simply political posturing and grandstanding.

Margaret Hodge's family trust (In itself tax avoidance!) came from her late father, who built up a large transnational steel trading business, using offshore basing to "Optimise" corporate taxes............

Nuff said.

[Www]

[Tom]

[quote user="Gluestick"][quote user="PaulT"]Sorry, going to take this off course and perhaps Gluestick has some thoughts on this.

We bought our house in early 2007 and the exchange rate was about 1.485 euros to the £. Since then it has been down to virtual parity and today at about 1.34.

Obviously, if the UK had joined the euro then there would be no exchange rate or ups and downs.

So how would the UK have fared if it had joined the euro?[/quote]

Utter financial, fiscal and monetary disaster, Paul.

Mainly since Britain would have lost its ability to:

Adjust Base Rate/s:

Money Supply: (e.g. no QE):

No sole intervention in Northern Rock, RBS, Lloyds, etc.

And finally, the exchange rate on joiing would have been fixed (very much to UK's disadvantage) on the benchmark of ERM.

Which, if you remember, cost the exchequer £1 billion.

Interestingly, I am attending an economics seminar in early March, when the speaker is Lord Lamont: and I am determined to pose the question, "Does George Soros send you a Christmas card each year?"

[:D]

[/quote]

In Gordon Brown's defence, he was dead against the UK joining the euro. What with his five tests for joining that were never going to be met.

[Frederick]

Somebody tell Milliband his masters in the EU are working on the problem all he will have to do is fall in line when they have done the job .

https://global.handelsblatt.com/edition/114/ressort/politics/article/europes-tortuous-efforts-to-tackle-tax-evasion