A Right Royal Spend-up
There is a family business in our country which has been a financial success for hundreds of years. It’s profits rise year on year and it never suffers when there is a down-turn in the economy. Being a private company it is not quoted on the Stock Exchange and yet every citizen contributes to it’s income on an annual basis amounting to over £40million. This company is wasteful of resources and yet has managed to come to an arrangement with successive Governments whereby it only pays a little tax on its enormous profit if it feels like it, on a voluntary basis.
It’s main board members pay no income or other tax on what amounts to a rollover Lottery win every few months and they publish accounts devoid of full detail and disclosures that would make a bookkeeper weep never mind a chartered accountant. This company owns vast estates, properties and businesses all over the UK and abroad and on most of them it pays no Council Tax. It is rumoured that the Chairwoman has £1million of fur coats and a private art collection worth £20million leading one to believe that security costs alone must be enormous. Amazingly this is not the case as security is paid for by the unwilling ‘investors’ in this private business, even the poorest makes a contribution.
Seem like a good thing to get into? You bet, the only trouble is you have to be born into it or marry someone in it. Once in though you will have enormous power and influence, be unaccountable to anyone, no one can vote you out and you will live in luxury ’til the end of your days when you can pass it on to your children.