Madam, – Peter Bacon, architect of Nama, now calls on the Government to remove the tax relief clawback provisions that apply if a hotel ceases to trade within seven years of receiving the tax break (Finance, November 12th).
Once again, as with the banks, he is proposing that failed investors escape the consequences of their actions, the so-called “moral hazard”. Once again, we see that private investors reap the benefits when times are good, but that the citizens of this country pick up the tab when it all goes wrong . . . socialisation of risk and privatisation of reward. – Yours, etc,