DearKen,

12/3/16

IwritewithsadnesswithregardyourinflammatoryandunfoundedcommentstotheBBCandLBC
yesterdayregardingmyrecentdonationtoDanJarvis,theLabourMPforBarnsleyCentral.Inyour
comments,whichclearlyrefertomeasIamtheonlyhedgefundmanagerwhohasmadea
donationtoMrJarvisyoumakeanumberofclaimswhicharebothuntrueandhighlyoffensive.I
refutealloftheseclaimsandexplainwhyinthisletter.
1.InyourinterviewsyouappeartoinferthatIevadetaxandalsobyimplicationseektohaveit
minimisedbypoliticians.Thisisutterlyuntrue.IactuallywantthetoprateoftaxtogoupandI
payallmytaxesinfull.
Letslookatthefacts:
Idonatedover600,000totheLabourPartyinthethreeyearspriortothelastelectionprecisely
becauseIstronglysupportthePartyspolicyofraisingthetoprateoftaxbackto50%andalso
introducingaMansionTax,bothofwhichwouldincreasetheamountoftaxIpay.Istatedthis
veryclearlyinanopenlettertoTheIndependenton20March2015,priortothelastelection,
explainingwhyIwasdonatingtotheLabourParty.Iquoteasfollows:
Ibelieveverystronglythateveryoneshouldcontributetosocietyandthatthosewhoarelucky
enoughtoearnalotshouldcontributemorethanothers.Thecurrentgovernmenthascuttaxes
fortherichestbyreducingthetoprateofincometaxfrom50%to45%whilecuttingspending
elsewheretofundit.Labourscommitmenttobothreversethistaxcutforthewealthiestand
abolishthebedroomtaxwillrightthiswrongI[also]supportLaboursproposedMansionTax
whichwillbeleviedontheownersofhousesworthmorethan2million.
Foryourreferencethelinktothefullletterishere:
http://www.independent.co.uk/voices/martintaylorsomehedgefundmanagersdosupportthelabourparty10124420.
html

Yes,youmayfindithardtobelieveit,butIamahedgefundmanagerwhoactivelyWANTSthe
amountoftaxthatIpaytogoup.
YoualsosuggestIamtaxdodger.FortherecordIpayallmytaxesinfullandhavealwaysbeenUK
domiciled.
2.YouappeartobesuggestthatbecauseIamahedgefundmanagerIcannotberealLabourand
thatMrJarviscannotbeLabourifheacceptsmydonation.
Againletslookatthefacts:
i)

IhavebeenLabourallmylife.IwasbornLabour.

JustafterIwasbornmydadstoodtobeaLabourcouncillorandthenproudlyservedasonefor
over30years.Mymum,thenateacher,wentontobethecountrysfirstEqualOpportunitiesin
Educationadviser,forBrentCouncil,in1982.Brent,asIamsureyouareaware,wasthenaradical
localLabourcouncilmuchmalignedbytherightwingpress.

ii)

IhavebeendonatingtoLabourallmyworkinglife.

WhenIgotmyfirstjobin1991andbecameamemberoftheParty,Isetupamonthlystanding
order.UnderthisIdonated5amonthandthisstandingorderisstillgoing25yearslater.You
see,Iamnotdonatingtochangepolicy;IamdonatingbecauseIalwayshave,becauseIhave
alwayslovedtheParty,thePartyofAttlee,HealeyandSmith.NowIearnmoreIcandonatemore.
Simple.InthisregardIrecentlydonated60,000toSadiqKhanscampaigntobecomeLondon
Mayor(thiswillbepubliclydeclared,infullaccordancewiththeElectoralCommissionrules,atthe
nextdeclarationdate).IhaveneverevermetorspokentoSadiqandnorwouldIexpectto.Ihave
giventohiscampaignsolelybecauseIthinkhewillmakeafantasticLabourmayor.Iamsureyou
wouldagree.
HowIwonderdoyougettodecidewhoisrealLabourornot?ThePartyisnotafootballstadium
whichyoupersonallyhavenamingrightsover.Wehavealwaysbeenatolerantandbroad
church,withinwhichcolleaguesfromallwingshaveconsistentlyaddedvalue.Longmayitremain
so.
3.InyourBBCinterviewyouappeartobesuggestthatIamsick,aderogatorywordoftenusedto
suggestmentalillness.IfyouarenamecallingtosuggestIammentallyillthissaddensme
immenselyasmentalillnessisaveryseriousmatterformyfamilyandcountlessmillionsof
Britons.Itisnotamatterforcheapjibesandnamecalling.
4.InyourBBCinterviewyoustatethatallHedgeFundsareoneandthesameandthattheyhave
beenprincipaldestroyersoftheUKsmanufacturingsector.Idisagree.
i)

ii)

Firstly,youtalkaboutHedgeFundsasifweareallthesame.ThatislikeDavid
Attenboroughdescribingallofthemembersoftheanimalkingdomasbeingidentical,
withoutpointingoutthecleardifferencesbetween,say,agrazingcowandacharging
rogueelephant.Likeanimals,HedgeFundscomeinallshapesandsizesandpursue
hundredsofverydifferentinvestmentstrategies.Thevastmajorityofhedgefundsgo
quietlyabouttheirbusiness,inalegalandhighlyregulatedenvironment,ofmaking
legitimateinvestmentreturnsfortheirclients,manyofwhomarepensionfunds.I
havealwaysmanagedmyfundinthisway,andIcondemnrogueelephantsasand
whentheyappear,asnaturallydoallrightthinkingmembersofmyindustry.
Secondly,itisgenerallyacceptedbyeconomiststhattheprincipalcausesofthe
reductioninthesizeoftheUKmanufacturingbasewhichIagreeisatragedyand
needstobereversedwerefirstlythedevastatingspikeinthevalueofthepound
duringtherecessionoftheearly1980s(largelyasaresultofMrsThatchersmonetary
policies)andsecondly,overthelasttwentyyears,bytheimpactofglobalisation,via
theentryofChinainparticularintoworldmarkets,whichhashelpeddecimate
manufacturingcapacityacrosstheWesternWorld.I100%agreeweneedtoinvest
moreinmanufacturingandstronglysupportpoliciesthatmightachievethis.

Conclusion
IwasbornintoandlovetheLabourparty.Ibelievewealthypeople,suchasmyself,shouldpay
higherratesoftaxtohelpfundtheNHS,ourpublicservices,thearmedforcesandreduce
inequality.ThatiswhyIhavealwaysdonatedtothePartyandhavecontinuedtovoteforand

supportitlongafterittransparentlybecameagainstmyfinancialintereststodoso.Weshouldbe
workingtogethertodefeattheTories,notfallingoutamongourselves.Ilookforwardtoworking
withyou,todothis,inthefuture.
Cheers
MartinTaylor