David Cameron is showing no signs of exiting office as British Prime Minister despite widespread outrage at his investment in an offshore company.
The Tory leader made his first appearance in the House of Commons following the revelations yesterday, with his actions heavily criticised by members of the opposition.
There are those who believe the whole affair is just a storm in a teacup though…
The moment the bbc gets put back in the box by a tax expert. What the headlines should read is “man makes a modest investment and pays all his tax”
Posted by Rob Holden on Friday, April 8, 2016
Tax expert James Quarmby told the BBC that the headlines are actually all wrong.
He told presenters a more appropriate way of describing the situation would be ‘man makes a modest investment and pays all his tax’.
The rich may think of this investment as ‘modest’ but, in truth, a huge number of UK citizens can only dream of making £30k in a year, let alone having £12k to wire to the Bahamas to ‘modestly’ increase in value out of HMRC’s reach.
According to the former Etonian’s published tax return, for the tax year 2014-15, Cameron earned a total of £200,307 before tax.
That is around £50,000 more than the average gross income of a family of two adults and two children within the top ten per cent of the UK’s highest earners, and over £180,000 more than a similar family in the bottom ten per cent.
As reported by The Guardian, the figure would be just under £140,000 more than the average income of a single adult in the top ten per cent, and over £190,000 more than a single adult in the UK’s lowest ten per cent of earners.
The vast majority of David Cameron‘s income came from his Prime Ministerial salary of £142,500, so let’s compare that to the average salaries of UK workers back in 2015.
As reported by the Mirror, here is what a selection of everyday citizens enjoyed before the tax-man had his say:
– Cabbies £16,416
– Telesales £17,362
– Youth & Community workers £20,240
– Ambulance staff £22,854
– Nurses £26,158
– Firefighters £28,183
– Office managers £28,790
– Teachers £32,547
– Civil engineers £38,236
– Police officers £39,346
That investment doesn’t look quite so modest now, does it?
The PM isn’t the only politician making a packet and then clutching at straws to suggest he knows the cost of a pint of milk either.
According to Sky News, Boris Johnson earned an incredible £1,985,901 between 2011 and 2014, paying £916,481 in tax.
The Mayor of London earned £612,583 in 2015, with £266,667 of that figure coming from a lucrative weekly column in the Daily Telegraph.
The floppy haired bicycle enthusiast’s mayoral salary of £143,911 actually shades the PM’s.
Jeremy Corbyn’s hand written return showed the MP for Islington – and leader of the opposition – only earned £1,850 outside his parliamentary salary.
Chancellor of the Exchequer George Osborne, meanwhile, grossed £198,738 with £72,210 paid in tax.
Their actions may not be illegal, but sod calls of ‘We’re all in this together’ – leading politicians are closer to the realm of celebrity in terms of their earnings than they are you, or me.
They are elected by us to represent us, but they do so conveniently from their ivory towers which may as well be in the Bahamas too.