6 UK Water Firms Pay No Tax

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What a sweet deal for some UK water firms whereby they pay no tax following in the footsteps of many other corporations like Starbucks. Over the past decade, water bills have soared by 82%, more than double the rate of inflation. Despite making over £1.5 billion in profits, water bills are set to rise again this year.

British water companies are evading millions of pounds in tax by the fraudulent method of getting loans from their owners abroad and listing themselves as under debt.

Following a public outcry over billions of pounds of corporate tax avoidance in Britain, involving names such as Google and Starbucks, research group Corporate Watch said that six British water companies have taken out high-interest loans from their owners through the Channel Islands stock exchange so that they could dodge tax using a legal loophole that reduces taxable profits in proportion to interest payments abroad.

That means their owners get fully untaxed profits from Britain by pretending that their subsidiaries in the country are under debt.

According to Corporate Watch, the six water companies of Northumbria, Yorkshire, Anglia, Thames, South Staffs and Sutton and East Surrey have got £3.4 billion in loans from overseas.

The group said the Northumbrian case is the “most brazen” as it has promised an 11 percent interest on a loan of over £1 billion from a Hong Kong-based group that belongs to Li Ka-shing, the world’s ninth-richest person.

The situation also directly affects British tax-payers who should foot the bill for the high-interest loans taken out by water companies.

Corporate Watch said water companies could secure loans with much lower interests if they were government-run adding the current situation is costing British consumers an additional £2 billion a year.

Source: PressTV

Seasonal Pattern for Gold Price Increases

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Employment Level Grows In Ireland – Yet 50% Of Unemployed Since 2009 Emigrate

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The Irish Independent ran an article today about Ireland’s employed levels growing.

EMPLOYMENT levels increased for the first time since 2007 in the last quarter of 2011 when adjusted for seasonality, new figures from the Central Statistics office show.

But there were 302,000 people out of work at the end of last year, 3,000 higher than in 2010, according to the figures.

The average unemployment figure for the whole of 2011 was 304,200, up 12,500 or 4.3pc compared with 2010.

The number of people at work in the economy fell by 15,400 or 0.8pc to stand at 1.8m in the final quarter of last year.

According to the CSO, the average employment level during 2011 was 38,100 lower than in 2010.

Economists welcomed the jobless drop in the fourth quarter.

While this is good news ,when you look closer at the data you get to see real picture unfolding. The amount of people employed rose by 2300 in the last quarter but you can also see the amount of people unemployed fell by 12,700. This appears that over 10,000 people emirgrated.Unfortunately it is the traditional way Ireland deals with economic hard times but it is typical that the media choses to ignore the news that 4 times as many people are leaving the country than are finding work.

In fact since Q1 2009, when the total workforce was 2,188,400, there are 158,000 fewer people working. Only 79,000 are accounted for in the unemployment statistics and it appears that 78,600 emigrated. THATS NEARLY 50%!!!!!

Statistics Sources: Central Statistics Office 2011 Q4 Results , Q1 2009 Results

US Water Bills Set To Triple

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A basic requirement in life is water. It looks in future years this is going to be a lot more expensive. A story is coming out of the US regarding the cost of water tripling. As if gas prices rising isn’t enough. The time to upgrade the water system was 6-7 years ago. The timing is just lousey.

A shocking new report about the nation’s crumbling drinking water system says that Americans should expect their bills to double or triple to cover repairs just to keep their faucets pouring. That means adding up to $900 a year more for water, nearly equal the amount of the newly extended payroll tax cut.

Fixing and expanding underground drinking water systems will cost over $1 trillion in the next 25 years and users will get socked with the bill, according to the American Water Works Association.

………

Families can expect to pay at least $300-$550 more for water in taxes and fees just to keep their current systems operating. Add growth and improved systems, and that bill jumps to $900 for a family of three, said the report.

Currently, Americans pay about $400 a month in water taxes and fees.

 

 

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