“With these huge fortunes, power has become extraordinary concentrated in the U.K. and goes virtually unchallenged,” said John Christensen, chair of Tax Justice Network, an advocacy group that pushes for financial transparency. “That has created a country of two parts with a tiny, very wealthy and powerful elite and the rest who are struggling and by and large all the tax provisions are geared to taxing those who are not elite. It’s a massive distortion.”
--With assistance from Jack Sidders.
This article was provided by Bloomberg News.