The Great Olympic tax swindle.

Sure, it's brilliant that we've the world's biggest sporting event being staged in the East End, but for those battling job losses and eye-watering cuts to public services, the sheer cost of the Games is proving hard to balance against any potential benefit.

What's not so brilliant is that according to a new report published by Ethical Consumer, the majority of the giant multi-nationals sponsoring the Games are set to avoid paying millions of pounds in tax.

Unbelievably, thanks to new HMRC rules which were quietly ushered in as part of Team GB's winning bid, the Olympic site in East London has now become the world's latest – albiet temporary - tax haven. (1)

falseeconomy.org.uk...

So Olympic sponsors like Coca cola and Mcdonalds are basically given a monopoly over the course of the Olympics and also avoid paying corporation and income tax. Sounds like a great club to be part of.

reply to post by woodwardjnr


Just some more info on the corporate shambles.

It comes amid fears that private contractor G4S would not be able to provide enough trained staff in time.

The armed forces were already providing some 13,500 personnel - this could now reach 17,000, meaning summer leave for some troops will likely be cancelled.

www.bbc.co.uk...

So the state has to sep in to provide the services promised by these huge corporations.

The entire Olympic circus is a fraud in and of itself.

What used to be a contest of athletic ability for athletes across the globe has become a popularity contest to become the host nation and a give-away to the multinational corporations.

I say who cares about the Olympics? Take the money you would have spent and feed some starving people..... fix some of our roads and bridges....or how about you give it back to the people so they can pay their debt?

reply to post by sheepslayer247


This is the thing that bothers me, I work as a volunteer at a youth and community centre, where we must go cap in hand to get funding for sporting projects or other activities. Full time staff are being laid off and the whole thing runs on a shoe string and dedication. If just a tiny % of the money involved went to supporting community projects, our society would be in a much better state. It's all about the money, for those who know the cost of everything but the value in nothing.

reply to post by woodwardjnr

It comes amid fears that private contractor G4S would not be able to provide enough trained staff in time.

The armed forces were already providing some 13,500 personnel - this could now reach 17,000, meaning summer leave for some troops will likely be cancelled.

Pretty ironic really considering that G4S are being mooted as likely future benefactors of contracted out services which will arise as a direct result of the recently announced defence cuts to the UK Army.

It comes as absolutely no surprise at all that tax breaks are being offered to these large corporations considering HMRC and successive governments have been complicit in their complete disregard for UK tax laws and have systematically embezzled this country out of an estimated £120billion per annum.