False Economy ran from 2010-2015. This site is no longer being updated, but the False Economy research team continue to report at Sentinel News.
Skip navigation

Top ten tax shirkers

Barclays

Barclays

All the UK's major banks make extensive use of tax havens in the course of their business. As a survey for the TUC showed, in 2008 Barclays were the biggest user but all four of our leading High Street banks had large numbers of subsidiaries in locations such as Cayman, Jersey, The Isle of Man, Bermuda, the Bahamas and Luxembourg. 

One bank stands out from the crowd though. As MP Chuka Umunna showed in questioning of Barclay's boss Bob Diamond before the Treasury Committee of the House of Commons in January 2011, his bank had 181 subsidiaries in the Cayman Islands alone in 2010, an extraordinary increase from 143 in 2008. Bob Diamond admitted he had no idea how many companies the bank of which he is chief executive had in the island, but said they were there for 'tax efficiency'. In plain, straightforward terms that means they shift the tax burden from the bank onto other people. And for that reason Barclays gets the nomination from amongst our big banks. 

Sources:
Daily Mail, 12 Jan 2011
TUC, 29 Jan 2009

Share More ways to share
690 votes
Voting has now closed. Thanks to everyone who took part.

Competition in association with:

PCSWar on WantTUC
Unison  Jubilee Debt Campaign