The Spider’s Web: Britain’s Second Empire

The Spider’s Web: Britain’s Second Empire uncovers the intricate financial network established by the City of London in the wake of the British Empire’s decline. It sheds light on how the UK transformed its global influence from territorial control to financial dominance, creating a web of offshore tax havens that capture and hide wealth from across the world.

The documentary begins by looking at the historical context of the British Empire’s dissolution, particularly focusing on events like the Suez Crisis of 1956. It then traces the development of the Eurodollar market in London, which allowed the City to circumvent domestic financial regulations and attract vast sums of foreign capital. This innovative financial system laid the groundwork for London’s emergence as a global financial powerhouse.

The film dedicates attention to the role of Britain’s overseas territories and crown dependencies in this new financial empire. Places like the Cayman Islands, Jersey, and the British Virgin Islands are portrayed as crucial nodes in a network designed to facilitate tax avoidance, money laundering, and financial secrecy. It argues that these jurisdictions, while nominally independent, remain under the ultimate control of the British government.

The documentary features interviews with a range of experts, including former economic advisors, investigative journalists, and tax justice campaigners. These voices provide insight into the complex legal and financial structures that enable the offshoring of wealth, as well as the political maneuvering that protects these arrangements. It also highlights the role of major accounting firms and banks in perpetuating this system.

One of the most striking aspects is its examination of the City of London Corporation, an ancient institution with unique privileges and a significant degree of autonomy within the UK political system. It suggests that this entity plays a crucial role in maintaining Britain’s position at the center of global finance, often operating with limited democratic oversight.

The film also touches on the global implications of this financial system, including its impact on developing countries and its role in facilitating corruption and criminal activities. It argues that the scale of offshore wealth hidden in British jurisdictions is enormous, potentially amounting to trillions of dollars.

Throughout, there is a clear emphasis on the contrast between the public face of British governance, which often champions financial transparency and anti-corruption efforts, and the reality of its role in the global offshore system. It suggests that successive British governments have been reluctant to meaningfully reform this system due to the economic benefits it provides to the UK.