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Paul Merrell

Barclays made £1.4bn profits in Luxembourg - £100m for each worker | Business... - 0 views

  • The Luxembourg operations of Barclays, through which of much of the bank's controversial tax planning services are channelled, generated £1.4bn of profits in 2013 – £100m for each of the 14 people employed there.In published details about the turnover, tax and headcount of the main countries in which its operates, Barclays also revealed it paid just £20m of tax in Luxembourg.Barclays' chief executive, Antony Jenkins, pledged in February 2013 to close down the bank's tax avoidance unit, known as structured capital markets (SCM), as part of his efforts to clean up the reputation of the bank. However, he said the process would take several years.Much of the SCM activity was driven through Luxembourg. Lord Lawson, the former Conservative chancellor, described the business as orchestrating tax avoidance on an "industrial scale".
  • The data was published by Barclays to comply with a new European Union directive and refers to the 2013 calendar year.
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