HSBC scandal shows the disturbing connection between wealth and political influence in the UK

Over the last week there have emerged allegations of massive tax evasion amongst wealthy individuals, facilitated by the international banking concern HSBC (Tran, 2015). The most disturbing elements of the story have been the connections drawn between the bank, those evading tax, and the UK government.

There has been an alleged failure on the part of the treasury to pursue and prosecute, while authorities elsewhere across Europe have co-operated to secure prosecutions and recovery of moneys (Syal & Garside, 2015). There have been extravagant donations from those dodging tax to political parties here in the UK - £5m to the Conservatives, and as much as £2.5m has been connected to Labour (Leigh et al, 2015). The former chair of HSBC, Stephen Green, is even a government minister (Garside et al, 2015).

Prime Minister Cameron has thus far issued the same kinds of denial that he made in relation to the scandal surrounding his former director of communications Andy Coulson, even as Labour have tried to press home the connections between the Conservative Party and the perpetrators of this latest scandal (Watt & Wintour, 2015). Other political figures have even been quick to suggest that light avoidance, though not necessarily outright evasion, is normal in British society (Wintour, 2015).

As with the hacking scandal that brought Rupert Murdoch before a parliamentary inquiry, the extensive connections between wealth and political influence are disturbing. Money-making capitalist enterprises have been allegedly helping the wealthy break the law for a profit, all while both groups are closely connected to UK government ministers and political parties.

We are reminded once again of the need for vigilance. But sometimes even that isn't enough. When powerful institutions are shrouded in secrecy, hidden by their wealth and influence, we need something more. We need greater transparency, in both the public and private sectors, along with comprehensive political reform to ensure that justice and democracy can't undermined for a price.

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References:
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+ Mark Tran's 'The HSBC files: what we know so far'; in The Guardian; 11 February 2015.

+ Rajeev Syal & Juliette Garside's 'HSBC files: tax chief 'confident' civil servants told ministers about data'; in The Guardian; 11 February 2015.

+  David Leigh, James Ball, Juliette Garside & David Pegg's 'HSBC files show Tories raised over £5m from HSBC Swiss account holders'; in The Guardian; 11 February 2015.

+ Juliette Garside, David Leigh, James Ball & David Pegg's 'Ex-HSBC boss Stephen Green: the ethical banker with questions to answer'; in The Guardian; 9 February 2015.

+ Nicholas Watt & Patrick Wintour's 'Ed Miliband attacks 'dodgy' PM for failure to answer HSBC tax questions'; in The Guardian; 11 February 2015.

+ Patrick Wintour's 'Lord Fink: tax avoidance is normal in British society'; in The Guardian; 12 February 2015.