Post v.35

Oh dear, even more shock horror. Of course you recall the blaring headlines and bleating columns regarding the absolute mendacity heaped upon Tesco for having the temerity to run their business like a business and maximize their profits?

It turns out that those at the Guardian do indeed live in glass houses:

I'll begin with my former employer, the Guardian Media Group, following its flagship paper's investigation last week into Tesco's use of tax efficient Cayman Island vehicles.

That one drew quite a bit of flak from those Farringdon Road firebrands, with a Guardian leader thundering: "The Government should make it clear that paying a fair share of taxes is not an option but a duty."

Odd, then, that buried on page 25 of yesterday's paper was the following notice: "Guardian Media Group plc, parent company of the Guardian, in partnership with Apax Partners, has incorporated a new company registered in the Cayman Islands as part of its proposed acquisition of Emap plc."

A spokesman from GMG is then quoted as saying: "The tax arrangements of Apax Partners and GMG for the acquisition of Emap plc are completely legitimate, and are based on accepted practice and the recommendation of our advisers. This is not about GMG avoiding tax - indeed we have paid an average of 34pc tax over the last five years."

Indeed!