chalga Posted October 19, 2013 Share Posted October 19, 2013 http://www.independent.co.uk/news/uk/home-news/gas-city-grangemouth--the-frontline-of-britains-energy-war-8890335.html Swiss company that owns Grangemouth Oil Refinery,moved it's headquarters to Switzerland to avoid paying tax in the UK,and now plans to ask for a handout of UK taxpayers money Michael Connarty, the Labour MP for the constituency that includes the Grangemouth complex, said it did not sound like Ineos was looking for a solution. Ineos denies this and says Grangemouth is losing £10m a month, has lost £579m in the past four years, and will close by 2017 regardless unless there is new investment. It is also looking for £150m of Government support. http://www.theguardian.com/business/2010/apr/11/ineos-headquarters-switzerland-tax-bill INEOS UK tax avoidance move. The company said that it had received the consent of its lenders to move its headquarters and following an internal review the decision had been finalised. Its lenders include Royal Bank of Scotland and Lloyds Banking Group, both bailed out with billions of taxpayers' money. Link to comment Share on other sites More sharing options...
erebus Posted October 20, 2013 Share Posted October 20, 2013 Well so another corporation threatens a government to hand over your taxes to them for nothing, so a sort of blackmail robbery. The banks played the same stunt but for much more. This is just part of a pattern where taxes are given to the corporate sector as they give money to the unemployed, except corporations want big bucks, and fast. Topping up peoples wages as they do not have a living wage is just another example of this corporate strategy. They are given tax payers money in another way. When corporations get this windfall they are allowed to contribute to party coffers, so in effect the government pays itself via corporate swindles. Link to comment Share on other sites More sharing options...
WeX Posted October 20, 2013 Share Posted October 20, 2013 We cant be held to ransom by these companies. Let them go bang. Other companies will fill the void left. Link to comment Share on other sites More sharing options...
truman Posted October 21, 2013 Share Posted October 21, 2013 We cant be held to ransom by these companies. Let them go bang. Other companies will fill the void left. Not necessarily, the Coryton refinery in Essex closed last year and hasn't been re-opened.. Link to comment Share on other sites More sharing options...
L00b Posted October 21, 2013 Share Posted October 21, 2013 Not necessarily, the Coryton refinery in Essex closed last year and hasn't been re-opened..That tells me there is insufficient demand (as in: not profitably so) for its amenities/output in the UK, presently. And suggests that there is some truth to the losses in the OP's story. Still, it should be allowed to go bust/closed by 2017 (if the demand hasn't perked up by then). Let the private guys lose their shirt, rather than set (yet another-) precedent. Link to comment Share on other sites More sharing options...
Hillpig Posted October 21, 2013 Share Posted October 21, 2013 It really is surprising to read the dismissive comments of some contributors, this refinery was originally owned by BP. They could not make it pay. The present company has invested, it too has lost money. Why should any commercial enterprise continue to throw money away? If the UK government has reasons to want to keep the refinery open then it needs to subsidize the incumbent or nationalize the facility. The only responsibility this company has is to its shareholders. Link to comment Share on other sites More sharing options...
L00b Posted October 21, 2013 Share Posted October 21, 2013 <...> this refinery was originally owned by BP. They could not make it pay. The present company has invested, it too has lost money. Why should any commercial enterprise continue to throw money away? Why should the Gvt start throwing taxpayers' money at it, Hillpig? That is what you suggest, is it not? Link to comment Share on other sites More sharing options...
Waldo Posted October 21, 2013 Share Posted October 21, 2013 Why should the Gvt start throwing taxpayers' money at it, Hillpig? That is what you suggest, is it not? How is this company forcing the government to start throwing taxpayers' money away? The government may choose to invest, or not invest. I don't see what the problem is. Link to comment Share on other sites More sharing options...
Hillpig Posted October 21, 2013 Share Posted October 21, 2013 Why should the Gvt start throwing taxpayers' money at it, Hillpig? That is what you suggest, is it not? No, I do not believe the government should subsidize any business, unless it is in the public interest to do so. Link to comment Share on other sites More sharing options...
puisseguin Posted October 21, 2013 Share Posted October 21, 2013 If the Scottish vote to go independent it becomes their problem. But. This is an old refinery and it struggles to compete. It's not as though you can get away with charging 10p/litre more for fuel from there. So the situation is pretty straightforward. Become competitive of go under. The refineries owners have other plants in other contries where they can transfer the production. Ford and Transit Vans spring to mind. Link to comment Share on other sites More sharing options...
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