Vol 20 (2023) - Issue 1

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A Convenient Untruth: The False Narrative that Offshore Finance is the Cause of Widening UK Inequality

Synopsis
In this analysis we expose the fallacy that offshore finance has been the cause of widening UK inequality in recent decades.
The evidence is that the concentration of income and wealth has not increased in the UK over the last quarter of a century. It has remained essentially unchanged.
Furthermore, the scale of offshore finance is falling.
Financial wealth administered offshore has fallen relative to global financial wealth significantly over the last decade. Far from helping 'widen' inequality, the contribution of offshore finance, would have, by deductive logic, fallen in recent years.
The narrative that offshore finance is the cause of growing wealth inequality in the UK is nothing more than a 'convenient untruth'.