Richard Murphy, director of Tax Research UK and author of the forthcoming Searching Finance book 'The Courageous State', said in today's Guardian newpaper of the UK-Swiss government tax evasion deal in today's Guardian newpaper: "It's an appalling deal for the UK, an appalling deal for Europe. The one-off tax of 34% is much lower than they would have paid in the UK and in fines for avoiding it. This government is deliberately letting these people off. All those people who have been honest and paid their taxes are now saying 'why did I bother?'
"The Swiss will not pass over the details from the British accounts. The UK will never know who these people are unless they decide to disclose their details and challenge the payments. We have now outsourced British tax justice to the Swiss, who to date have done their utmost to avoid this. We've also given them a competitive advantage over British banks with lower tax rates."