Dear Colin, You’re right this is unsustainable. And it is as unsustainable in Sydney. The attached is an article from this month’s Global Market Perspectives which calls for a top in London real estate and a decline from here back to 2007 levels – post GFC levels. They believe the stock market is about to collapse and we will enter a serious recession / depression. This will bring on a sharp decline in illiquid assets like housing which must improve the affordability ratio but only for those with an income. Best George
Netflix paid no UK corporation tax last year despite being estimated to have around 4.5m subscribers in the country, it has been reported.
The video streaming service behind award-winning series such as Orange is the New Black and House of Cards charges customers a minimum of £5.99 a month to subscribe and has grown rapidly since its UK launch in 2012.
According to a Sunday Times investigation, it generated an estimated £200m of revenue in Britain last year but any profits from the UK in 2014 were booked overseas.
Earlier this month, Mondelez, which owns Cadbury, was reported to have paid zero UK corporation tax last year. By contrast, Starbucks, which was widely criticised over corporate tax avoidance in 2012 following details of its meagre tax contribution, revealed last week it has paid £8.1m corporation tax this year, nearly as much as it paid in its first 14 years in the UK, after bowing to pressure to scrap its complex tax structures.
The UK is believed to be Netflix’s biggest market outside the US, where it has more than 40m subscribers, with the number of British subscribers predicted to reach 9.5m by the end of the decade. The company has been facing increasing competition from rival streaming services such as Amazon, Hulu and HBO in the US. In the UK, Amazon Prime is Netflix’s closest rival.
Ian Rankin, books he enjoyed in 2015:
Jenny Offill – Dept of Speculation
Stuart Evers – Your Father Sends His Love
Lavie Tidhar – A Man Lies Dreaming
Emily St John Mandel – Station Eleven
Benjamin Johncock – The Last Pilot
*Oliver Harris – The Hollow Man
*Hugo Wilcken – The Reflection
Cathy Rentzenbrink – The Last Act of Love
Kirstin Innes – Fishnet
*Jonathan Coe – Number Eleven
* just ordered on my kindle