Small scale project created in response to the Paradise Files leak and the controversies implicating the Royal Family in the offshore investment schemes and tax avoidance.
Former Crown dependencies like Bermuda and British Virgin Islands were given a tax free status to lessen the burden for the British government. In 1957 Bank of England, prompted by the Suez Canal crisis, allowed to lend to foreign clients as long as both the lender and borrower didn’t reside in the UK. Further deregulation of the City of London during the Margaret Thatcher’s premiership, allowed the US banks to join the offshore evasion schemes and foreign currency trades. In effect, billions of pounds and dollars were withheld from propping up the health services, education and infrastructure.
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