I have been \u2018treading the boards\u2019 now for forty long years and I can tell you that since the early 70s most Potentates, Presidents, Monarchs, Prime Ministers, Sheiks, Sultans, Ambassadors\/Diplomats have their second, or at the very least third home, in London. \u00a0It therefore comes as no surprise to see the findings of the \u2018Panama Papers\u2019 in this respect.<\/p>\n
Lest we forget, the British Empire, before WWII, was the most extensive in the world, and probably larger than the Roman Empire of its day. \u00a0As such, we have exported our customs, judiciary and culture to many of the far flung countries across the Globe. \u00a0Children in these foreign lands grow up learning of the British Empire and, as such, nurse a fondness for the former \u2018Mother Land\u2019 through the education process and yearn to own a part of \u2018English Heritage\u2019 at some time in the future. \u00a0As this child grows into an adult and accumulates wealth, power or both, one of their ambitions is to buy a property or properties in London where, very often, they also want to educate their children.<\/p>\n
This trend has continued for over forty years now and you can walk through the tree-lined avenues of London, particularly the more prestigious ones, and easily point out the homes that belong to these notable individuals.<\/p>\n
London in the 70s was a quaint City, rich in heritage and culture, as Paris is today, but hardly the colossus that it is now.<\/p>\n
The reforms and aspirations introduced by Margaret Thatcher transformed the fortunes of the Capital and these have manifested themselves to produce the \u2018Greatest City on Earth\u2019 that it is today.<\/p>\n
London is at the cutting edge of culture, couture, cuisine, technology,education, commerce and finance and is it any wonder that these high-powered individuals choose this place as their second home?<\/p>\n
Unlike any other metropolis in the world, all the \u2018centres of excellence\u2019 are in one place and every member of the family of these dignitaries, will find something special to do in this wondrous place.<\/p>\n
There are more parks and open spaces within the Greater London curtilage than anywhere else in the world and property prices hitherto have tended to go in only one direction over time. \u00a0Therefore, one can say with some confidence that of all the places in the world to live, London is number one or two on the \u2018shopping list\u2019 for these foreign dignitaries.<\/p>\n
All this was known long before the \u2018Panama Papers\u2019 were ever discovered and one hopes that Mr. Osborne and his Fiscal changes to Non Dom\u2019s will not deter these people from bringing their wealth to the UK.<\/p>\n
It is evident that the government has been making mistakes and this crusade about the \u2018moral repugnancy\u2019 of tax avoidance started by the Chancellor two\/three years ago, is now coming to \u2018bite\u2019 him and the Prime Minister on the bottom!<\/p>\n
What have we gained by this \u2018moral\u2019 initiative? \u00a0Absolutely nothing, only a benign and meaningless exercise about \u2018navel gazing\u2019 to the detriment of political harmony and the inflow of wealth to this country. \u00a0We have a persistent and relentless trade imbalance, that is a direct result of consumers \u2018sucking in\u2019 vast amounts of imported goods (a great deal from Europe \u2013 Brexit campaigners take note) whilst our exporters are not selling enough to the world at large i.e. there is a huge trade imbalance with Europe! \u00a0The only way that we can finance this, without creating a further devaluation of Sterling, is by the inflow of funds to this country, however so arranged.<\/p>\n
The changes to fiscal arrangements concerning the Non Dom\u2019s has raised no money for the Chancellor, worse still, has cost money, but it has certainly provoked a stampede of wealth creators to other sunnier climes of the World and this has exacerbated the current account deficit.<\/p>\n
The increase in Stamp Duty on Property purchases in London, has also raised very little for the Chancellor, paradoxically at the time when he needs the funds most to try and dent the Budget Deficit, but instead has caused a recession in property prices, above \u00a0\u00a31million in the Capital.<\/p>\n
This will have its detrimental effects on retail spending and the growth of our consumer-lead economy and you have to ask the question, \u201cWhy?\u201d<\/p>\n
Change should not be feared, but instead should be embraced, however the \u2018Laurel & Hardy\u2019 u-turns on Tax Credits and Invalidity Benefits are a perfect illustration that the \u2018wet behind the ears\u2019 Mr. Osborne, may have \u2018lost the plot\u2019 and does cast doubt on his competence for the job and certainly has undermined his aspirations to be Prime Minister after Mr. Cameron resigns, which could be sooner than we think.<\/p>\n
Under his \u2018watch\u2019, we are in a lose-lose cycle at a time when we should be \u2018holding our heads high\u2019 in the world market place. \u00a0For the Prime Minister and the Chancellor to suffer the \u2018ignominious searchlight\u2019 into their private tax affairs is shameful and unnecessary, but I\u2019m afraid it is symptomatic of a bandwagon that was started many years ago by them, to try and elevate the Tories from the \u2018Nasty Party\u2019 to something more fragrant.<\/p>\n
I wonder if Mr. Osborne should look carefully at the phrase \u2018beware of unforeseen circumstances\u2019.<\/p>\n
<\/p>\n
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\n<\/span>With Osborne\u2019s Property Tax Changes, Everyone Is A Loser<\/a><\/span><\/p>\n