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Virtually every large British company has moved capital through Luxembourg including, it appears, my managers here at the Guardian and Observer, though they say such a structure was not about saving the group "any UK corporation tax when compared with an onshore structure".
Cazenove has reduced its target price on British Land, down 7.5p to 559.5p, from 720p to 670p, and moved Capital & Counties, 7.4p lower at 317.6p, from overweight to neutral.
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"It's just moving capital from one place to another".
"There is a freedom for moving capital and freedom to locate where you like," he said.
If they genuinely spread risk and help move capital into more productive uses, they should stay.
Banks are invaluable institutions that, when functioning properly, move capital to its best use and raise living standards.
Second, a genuine single market is one in which banks are able to move capital and liquidity around freely.
Moreover, in most rich countries the ability to move capital across borders is seen as a matter of personal liberty.
Some wish to move capital from one area to the other, and some wish to make gifts (the latter including government aid and gifts by charitable foundations).
The users win economies of scale, in the form of lower fees, and the ability to move capital quickly and easily across borders.
It would shift power away from the local landowners to commercial traders, who would move capital around looking for investment opportunities.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com