Ireland’s corporation tax receipts continue to rise, thanks to their ‘Celtic Tiger’ business model:
This was already costing the UK £10 billion a year in lost corporation tax in 2016:
Ireland’s takings have increased by 386% between 2009 and 2021; that implies at least a doubling of the loss to the UK since 2016: £20 billion per annum.
Rishi Sunak’s minimum 15% global corporation tax rate, much vaunted at the G-7 summit in 2021, is not making any difference, because it attacks the problem at too superficial a level.
What a coincidence, then, that his increase in National Insurance contributions aims to bring in £13-14 billion per annum, which would easily be covered if Sunak had done what he claimed to be doing and stopped the leakage of corporation tax (Source: Institute for Fiscal Studies – https://ifs.org.uk/publications/15929).
The victims of Ireland’s ‘Celtic Tiger’ are the working people of the UK. Sunak’s grandstanding over his 15% tax deal cannot mask this. His increase in National Insurance contributions makes the victims pay for the detriments done to them by Ireland’s creativity and his own failure to scotch it.