Rip-off News round-up. Our pick of the last week's media (Thu 21st February)

Tax avoiders should be named and shamed

The Commons public accounts committee said tax avoiders - those not breaking the law but abusing legal loopholes - should be "named and shamed" to discourage others. HMRC lost £5bn a year from legal tax dodging. Tax avoidance firms were "running rings" around HMRC. Labour leader Ed Miliband says companies in the UK should publish the amount of tax they pay in the country. BBC NEWS

(“Ummm... How about naming and shaming tax avoidance firms? You can start with ours,” said the director of marketing at every tax avoidance firm, eager for some delicious free advertising...)

Energy watchdog OFGEM warns of higher energy bills as the UK becomes more reliant on energy imports

Older power stations are closing before renewable energy has grown to replace them. Longer-term solutions to the UK's energy needs, such as new nuclear power stations or domestic shale gas reserves, have yet to be given the final go-ahead by the government. "We cannot afford to be complacent," said the Department of Energy and Climate Change. BBC NEWS

(“Oh yes we can,” said the UK’s cartel of over-charging energy firms that sneakily pass their profits to their parent companies.)

Treasury urges tougher action on banks that mis-sold “rate-swap” loans to small businesses

Banks have set aside money to compensate small businesses that were mis-sold complex interest-rate hedging products. But because the compensation procedures have not been finalised, thousands of small businesses are still having to make the crippling monthly payments. The Treasury says they should have their payments suspended. Together, the largest banks have put aside just over £1.1bn for compensation. But some experts believe this figure is too low, and the bill could eventually exceed the more than £12bn compensation costs for the mis-selling of Payment Protection Insurance to consumers. TELEGRAPH
(“Small businesses, consumers, energy firms, other banks, whole nations… is there anyone these banks haven’t yet screwed?” said one nervous inhabitant of the planet Venus…)

Are six water firms - Northumbrian, Yorkshire, Anglian, Thames, South Staffordshire and Sutton and East Surrey Water - dodging tax?

Corporate Watch says the water firms are artificially passing their profits to their owners. They are reducing their profits by taking high interest loans from their owners through the Channel Islands stock exchange. The interest payments reduce their taxable profits in the UK and, thanks to a regulatory loophole, go to the owners tax-free. Water bills are rising by 3.5pc to an average of £388-a-year per household. CORPORATE WATCH

(Water flowing upstream defies all laws of physics. Profits flowing upstream defies no laws at all, thank you very much UK government…)

Poorest 40% suffering disproportionately from the financial squeeze

Those with incomes of £15k-£23k are reporting worse financial straits than at any time in the last four years. Those below £15k recorded the sharpest deterioration. Households in higher income brackets saw the deterioration in their finances slow down. People working in retail, construction, education, health and social services are the most downbeat about their finances, while those working in IT and finance were the least pessimistic. DAILY MAIL

(“We, however, are fully employed and busier than ever,” said every spin doctor we spoke to...) 

£17m bonus bonanza for top Barclays bosses despite string of scandals

Five top bosses at Barclays will share a jackpot worth up to £17m despite being tainted by a string of scandals. Those in line for the ‘wildly misjudged’ bonanza include chief executive Antony Jenkins and Rich Ricci, the controversial investment bank boss. They could pocket up to £2.2m and £6m respectively from deferred shares bonuses awarded in 2010. DAILY MAIL