Sir Martin Votes With His Feet
Sir Martin Sorrell, head of advertising conglomerate WPP, who decided just
last week to move his company to Ireland to escape the UK's penal treatment
of international dividend income, chaired the inaugural meeting last Sunday
in London of the International Business Advisory Council, new Mayor Boris Johnson's
advisory group which aims to maintain London's pre-eminent position as a business
centre. Boris Johnson hosted the meeting of the 58-strong Council, which includes such
luminaries as Willie Walsh and Jacob Wallenberg. Introducing the meeting, Boris
Johnson said: "Like many world cities, London's economy, its markets and its businesses
are feeling the effect of the global credit crunch and it is essential we agree
on decisive measure to minimise any long-term damage. Bringing some of the world's
best business minds together at City Hall could not be better timed. "It's clear from what I have heard that the government must rethink its
strategy on taxation as many Council members reaffirmed that the current system
is highly likely to drive more great wealth creating enterprises like Sir Martin's
WPP to base their headquarters overseas where they feel the tax demands are
fairer." London frequently features at the top of league tables as a pre-eminent global
city in which to do business, and is perhaps the most cosmopolitan city in the
world. But it scores low on measures of 'liveability'. And the taxation situation
of UK headquarters companies is just dire. Deck-chairs, Titanic, anyone? Are you listening, Mr Darling, or are you too
busy spending the taxpayers' money on buying banks? .
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