Monday, February 28, 2011

Miliband Think Tank Donor’s Tax Shirking

In Ed Miliband’s big speech this morning about the cost of living he said:

The task is to create a more prosperous capitalism…

It seems Ed has been converted to the cause of capitalism since becoming leader, despite having called himself a socialist many times over the course of his leadership campaign. And with talk of a “fairer” capitalism, presumably he meant things like taxing the financial services sector in a “progressive” way?

The Resolution Foundation, the venue for Miliband’s speech, is bankrolled by Clive Cowdery, an insurance tycoon and Labour donor. He spoke alongside Ed today to launch the foundation’s latest report. Cowdery sold Resolution Plc in 2007 for £5 billion, earning himself close to £150 million. As is the way with these things, he has based his company offshore in Guernsey, to minimise tax exposure, like The Guardian does. The company is effectively run from London through the limited liability partnership Resolution Operations LLP, the company made £1,189 million in net profit. If it was domiciled in the UK corporation tax on these profits could have amounted to £333 million. Miliband said:

I want to begin by paying tribute to the work of the Resolution Foundation… Politics today is being conducted in the shadow of the financial crisis: the argument about the deficit and how to return the economy to growth. But what your work is showing is that we cannot settle for a return to business as usual: life before the crisis hit.

That deficit is not helped by Resolution shirking one-third of a billion pounds in taxes. Gordon Brown’s former deputy chief of staff and economic adviser, Gavin Kelly, runs the foundation. So Ed’s call for a new way of doing things was made to friends, donors, tax-shirkers and long-term colleagues…

13 Counts in Kilkenny

The Irish have been counting the results of their general election on… Friday, Saturday, Sunday, and still today, Kilkenny has gone to a thirteenth count. Imagine if last year’s general election had taken days to count, n0t to mention negotiate a coalition at the same time. The markets wouldn’t have taken kindly to that…

Tectonic Plates are Moving for Bercow

As MPs return to Westminster today after their half-term holidays the Speaker might be well advised to reflect on the fact that half the PoliticsHome panel of insiders think Bercow won’t be Speaker by the end of the Parliament, and after reports that Ministers are ready to see him removed punters are now giving him a 25% chance of going this year. Watch out for procedural machinations…

Quote of the Day

Rich & Mark’s Monday Morning View


Seen Elsewhere

Apple’s Tim Cook: iGay | Techno Guido
Insurgent Parties Plunge Labour Into Crisis | Alex Wickham
Mind-Bending Politics of Drugs | Mark Wallace
PC Worries Prevent Police Protecting Young Girls | Jill Kirby
Miliband Should Win Rochester | Martin Kettle
Thatcher Minister Sir John Nott ‘Voted for UKIP’ | Times
Time to Listen to Drugs Experts | Guardian
Drug Laws Don’t Work | Times
Our Moral Duty to Cut Taxes | David Cameron
Greens Ahead of LibDems | Guardian
Channel 4 to Spoof UKIP Election Win | Guardian


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David Cameron drug policy reformer and leadership contender in 2005…

“Politicians attempt to appeal to the lowest common denominator by posturing with tough policies and calling for crackdown after crackdown. Drugs policy has been failing for decades.”



“Digger” Murdoch says:

Is it just me, or is Nigel Farage just a top hat and a monocle away from being a Batman villain?


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