Every week, new banking scandals and stories of corporate tax dodging are in the news. The existing system makes the banking sector’s life too easy – allowing them to cosy up to regulators, find loopholes, and create money whenever they please!
As if being able to create money out of thin air was not enough, banks also earn millions of pounds by pushing tax avoidance schemes. Billions of pounds are lost to corporate tax dodging each year. This is money that could be spent on necessary infrastructure, housing or jobs.
We pay our taxes because we care about creating a fair society. We don’t create money out of thin air because we would be sent to prison if we did.
Why don’t banks have to play by the same rules?
85% of people in the UK believe tax avoidance is morally wrong even if it is legal. How many of them know banks have the power to create money out of thin air?
We know that there is a big problem at the heart of our financial system: the big banks are profit seeking corporations who have the ability to create money out of nothing. This has given them enormous power and influence – which they use for their own gain.
The only reason this is tolerated is that most people don’t know about it.
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