Richard Murphy’s just released a long report, all part of evidence to the Treasury Committee. No, sorry, the whole thing is too dreary even for me to try and point out all of the logical errors.
This does stand out though:
Inflated financial services sector
Lastly, and importantly, the UK is host to an OFC, as the IMF have shown in work by Ahmed Zoromé123. Put simply, the UK’s financial services activity is excessive for domestic market needs. As such it is clearly set up to service offshore clients, some of whom will undoubtedly use the other tax haven characteristics of the UK noted above.
An OFC is an offshore financial centre. So, umm, well, yes, I suppose The City is indeed an OFC, given that it’s the pre-eminent international financial centre of the world. Kazakh miners list in London after all. The euromarkets revolve around London too.
It’s just that in MurphyWorld this is a bad thing. Specialisation, division of labour, comparative advantage, all naughty, naughty things.