In the centennial year of the RAF, Churchill’s words attesting to the valiance of Britain’s fighter pilots have a less chest-swelling relevance to wealth in the UK. Tom Burgess writes
Bermuda is a lovely place to have a home with its pink sand beaches, its 22ºC average temperature and its distinctive blend of British and American culture. In addition it is also home to over 18,000 companies that actual trade and generate wealth in other jurisdictions, but take advantage of the secrecy and low tax rates in Bermuda. That’s a lot of companies for 22 square miles and population of 60,000.
Usually, there’s nothing illegal going on here, but it perpetuates misery for millions and further enriches the privileged. However there are ways that we can reverse this bad behaviour and encourage companies to act responsibly for the good of all, not just the shareholders. One way is called social offsetting.
“There are ways that we can reverse this bad behaviour and encourage companies to act responsibly for the good of all.”