The corporate world's latest suction pump for sucking public money into their coffers, starts in about three weeks, this time it goes by the name of "The Olympics". Not only is our millionaire government spending £14 billion to get the corporate greed feast rolling, but it has also allowed certain firms tax free trading for the period from March 30 to November 8 at an estimated cost to the public purse of £700 million. Yep, it's austerity time and we're all in this together. This from A World to Win.
London 2012 corporate sponsors cash in
Human sporting talent and achievement? Inspiration? Yes, that’s the Olympic spirit – or rather what’s being exploited to the hilt by corporate sponsors, backed by new laws, when London 2012 opens in 25 days.
For the “biggest thing this nation will have delivered in living memory” (Seb Coe) is being done at the expense of the people of London and the UK and their rights.
The justification for spending some £14 billion of taxpayers’ money is that corporate sponsorship makes up the rest of the cost. But association with their brands will reap them much more than the paltry £1bn that GE, McDonalds and BP, for example, have coughed up so far. New tax rules mean that these companies will not have to pay tax on their Olympic operations between 30 March and 8 November. The loss to the Treasury is estimated at some £700 million.