Socialist Worker

Trillions looted by the rich

No need for cuts when £13,000,000,000,000 is stashed in tax havens

Issue No. 2313

At least £13 trillion has been hidden in tax havens by the super rich. That’s about as much as the economies of Japan and the US put together.

If it were a pile of pound coins it would stretch from the Earth to the moon and back four times.

The rich tell us to tighten our belts and swallow austerity. But the crisis didn’t happen because suddenly there was no money.

The Tax Justice Network’s research looked at 139 poorer countries, which supposedly have aggregate debts of £2.6 trillion.

But if we count the money squirrelled away offshore, these countries are up to £8.5 trillion in credit. The money is all there—it’s just in the wrong hands.

The £13 trillion figure is an underestimate. It may be as high as £20 trillion. And that’s only their secret stash.

It doesn’t include the money the rich do tell the taxman about, nor their other assets such as yachts and mansions.

Clearly there is absolutely no need for any cuts in workers’ living standards or the services we rely on. We need to take our money back from these super-rich hoarders.

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Tue 24 Jul 2012, 16:43 BST
Issue No. 2313
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