Fight knight
Bid to strip Branson of his honour over tax
SOME people will accuse John McDonnell of having a go at Sir Richard Branson because the Virgin boss had a go at Labour leader Jeremy Corbyn.
But that would be to ignore the important question the Shadow Chancellor is raising.
And that’s whether those who put themselves or their money offshore to avoid British tax should be entitled to the Caribbean home on Necker Island and would no longer pay t ax on personalpersona income. There is no sugsug gestion he is doing anything wrong asa tax avoidance or min minimisation is legal. Tax evasion is not. Mr McDonnel McDonnell insists tha that Green should also lose his knighthood after being “condemned by other British businessmen over BHS”.
Green’s wife Tina is the nominal owner of his businesses and lives in Monaco, one of the world’s most notorious tax havens.
Mr McDonnell says: “Why should Philip Green, who ran BHS into the ground and paid his wife in Monaco £1billion to avoid UK tax, be honoured with a ‘Sir’?
“The whole honours system is cheapened when freeloaders like Green are given awards.” The final BHS stores close their doors today. On top of the loss of 11,000 j obs, s t aff are f acing a £571million pensions deficit.
A report by MPs alleges Green extracted £300million before selling BHS for £1 to a thricebankrupt former racing driver.