the pound and the euro

[krusty]

Yahoo have this little poll going.

I think our members have been voting [:D]

[odile]

I do wish we could have an unbiased debate on the pros and cons of the Euro- as the issues are very complex. There is no place for nationalistic emotional issues here- One thing is for sure, the rest of Europe isn't going to feel sorry for us as the £ plunges- and they would be quite happy to club together to have a run on it. And I can hear them say from here 'you didn't want the Euro - you wanted your independence- well there you are. Live with it (or stuff you!).

[Ron Avery]

According to Bloomburg's experts,  the pound has now reached its base and is now on the way up both against the dollar and euro so that all the bankers who forced down the value of the pound by selling it short can make their profits.

So its nothing to do with what the BOE says or does or what UK politicians say or do, our whole well being is being bet on by bankers buying and selling sterling, to finance their expensive lifestyles and preserve their bonuses, which is what most people thought it was in the first place.  Next target the Japanse yen as the pound climbs to 1.30 by Easter.  You read it here first!![:D]

[HoneySuckleDreams]

"experts"

ex - a has been

spurt - a drip under pressure

 

[Madeira Jon]

I certainly agree with Ron.

If I may add to that we are talking about

"greedy" and dare I add "immoral" bankers. Its only a couple of years ago they

were receiving their bonuses in credit chits for works of art, so that

they didn't pay income tax; they simply exchanged the chits for money.

Also an Investment manager from a Barlcays Investment Fund (I forget

which one) was on a salary of £15,000,000 per year and in the year 2006

received a bonus of £53,000,000! No, the noughts as correct. The

salaries of the Funds staff accounted for 80% of its profits, the

remaining going to its investors.

Three weeks ago an article in the Sunday Times revealed the level of the bonuses. It stated that one banker had a colleague "whose bonuses will have secured his family for thousands of generations". A somewhat exagerated statement for sure, but it demonstrates the level of income they were and ARE receiving. Barlcays Executives will still receive their Christmas bonuses this year, thats the reason they have taken investments from the Middle east. In the same Times article one banker admitted that he had just (three weeks ago) cancelled his order for his £7,000,000 private jet; the reason he gave? "It would look bad in the current circumstances.". 

The bonuses are not paid directly to the people but to companies which they own, and these are bases offshore to avoid tax. In much the same manner as profrssional footballers and even John Birt,ex-Director General of the BBC. Another person to use this tax avoidance scheme was Geoffrey Archer who has his monies in Jersey. His friend simply brought the interest back to Archer in his pockets when visiting the island!

The money creating those bonuses had to come from somewhere, and it eventually came from us, the comsumer.

An interesting article on the "immoral" business tactics of one bank in particular can be read from todays Times.

http://www.timesonline.co.uk/tol/news/uk/article5299156.ece

[Bugsy]

Of course its not Gorgon Browns fault...............he's prudent, isn't he..........[:D]

Look at HIFX between the 5th and the 7th and explain that.

[Ron Avery]

Gary, do you really the think the international money men and city bankers take any notice of what politicans say?  Don't you think they base their buying and selling decisions on other factors like sales, imports, exports, manufacturing forecasts, http://news.bbc.co.uk/2/hi/business/7770595.stm

unemployment figures, and ultimately what they can make out of it?

Your pal Osborne and his banker mates are planning their next run on another currency as we speak.

[Bugsy]

No, I don't Ron, at least not in total. What I do know is that he and his cronies have, in ten years of government, brought the UK to its knees. This is in addition to the current world-wide crisis and has left the UK in one of the worst financial positions when it comes to recovery.

A bit of honesty from him is long overdue.

One example for your perusal

He's obviously never been any good at playing Monopoly either. "What can we sell now ?", "oh, I know, lets sell all our utilities".

[:@]

[allanb]

[quote user="Madeira Jon"]Another person to use this tax avoidance scheme was X [name of well-known author, wrongly spelled but recognizable], who has his monies in Jersey. His friend simply brought the interest back to X in his pockets when visiting the island![/quote]When you spelled his name wrongly, was it just ignorance, or were you hoping to avoid a lawsuit?  What you said about him is probably libellous.  But perhaps you have evidence.

[Scooby]

My thoughts entirely allanb. 

In response to a related point on another thread. I think Sarkozy is just getting on the band wagon with regard to offshore havens.  Other (much bigger fish) already have their guns targeted there - and, personally, I think he is missing a trick targeting the banks - other non FS big companies undertake far more aggressive tax planning than the banking sector.  In any case I don't think the banks need to use offshore locations to hide taxable income - because they don't have any.  Most banks are now concerned with tax loss planning not hiding profits.  Some banks have tax losses so big they won't pay tax for another 10 years plus.

[Phil & Pat]

"Another person to use this tax avoidance scheme was..."

Nothing wrong with tax avoidance, it's tax evasion that gets you into trouble...[:D]

[Madeira Jon]

allanb

Archers financial dealings were well reported during his trial for perjury. I don't make claims which are not in the public domain.  Surely you must have read about this!:-

http://www.independent.co.uk/news/uk/crime/archers-fall-mep-urges-fraud-squad-inquiry-over-kurdish-cash-678499.html

This is part of the relevant paragraph:-

Any Inland Revenue inquiry will focus on claims made by Michael

Stacpoole, a friend and factotum of Archer. Mr Stacpoole has described

how he smuggled in wads of cash from Jersey at the instruction of

Archer.

Mr Stacpoole said he would pick up the money from an

offshore account in the island and bring it in hidden in pockets of his

overcoat. Mr Stacpoole maintains that he was responsible for delivering

between £7,000 and £ 15,000 a month to Archer, who boasted he had more

than £1m there. Archer claimed the proceeds were from his best-selling

books and he was not doing anything illegal.

However, an Inland

Revenue official said last night: "Now that the perjury trial is over,

and considering its outcome, there is absolutely no reason why an

investigation should not take place. If that happens we shall obviously

expect Mr Stacpoole's cooperation. After all he has gone public with

his account."

And its obvious that the Inland Revenue believe its was TAX EVASION.

[Sprogster]

Times have radically changed since then with Jersey entering into tax information exchange agreements with many countries including France, which will be signed shortly.

As for cash withdrawals from Jersey banks, well just you try these days! Not only will Jersey banks no longer pay out large amounts of cash , you probably would not make it back through the airport without being stopped and questioned by the police!

Jersey has gone much further than the UK with its anti money laundering regulations and in the absence of any bank secrecy laws, is the last place someone with anything to hide would use these days. I can think of a few EU members though who are not as well regulated including dare I say the City of London, which is the worlds leading offshore financial centre for non UK domicilliaries. Think Russian and Arab money.

[allanb]

Madeira Jon: you wrote that he was taking the interest out in cash, which implied that he was trying to evade tax on it.  Or so I thought.  If I was wrong, I apologize.

Archer was found guilty of (1) perjury and (2) perverting the course of justice.  I do not think he was found guilty of tax evasion, and as far as I know the IR didn't even bring a case against him.  What they may have suspected isn't relevant.

[Scooby]

[quote user="Sprogster"]

Times have radically changed since then with Jersey entering into tax information exchange agreements with many countries including France, which will be signed shortly.

[/quote]

There is now enhanced change of information between tax authorities which will only improve.  It's a naive individual who thinks they can hide monies in an offshore account away from tax authorities.  It won't stop tax planning using offshore territories (for example interest arbitrage with a 'black listed' country still works) but times - they are a changing.