Chancellor’s ‘tax haven’ comments are clarified
Thursday 6th November 2008, 1:00PM GMT.
HM TREASURY yesterday moved to clear up comments made by Chancellor Alistair Darling (pictured) in the banking crisis hearing.
With the Guernsey and Manx authorities looking for explanations about his labelling of the Isle of Man as a tax haven and the need to take a good hard look at its relationship with the UK, the Treasury has apparently distanced itself from any constitutional implications.
‘As the Chancellor has made clear, it is vital that in these times of global economic turbulence we make sure that the financial regulatory framework between the UK and the Crown Dependencies is appropriate,’ said a spokesman.
British ex-pat savers with money in Landsbanki Guernsey and Kaupthing Singer & Friedlander IOM have been pressing for the UK to step in with its depositors’ protection scheme to cover their losses.
But the Government has been clear that responsibility lies with the respective jurisdictions.
Guernsey is expected to introduce a depositors’ compensation scheme at the end of the month, but it will not be retrospective.
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The States of Guernsey is refusing to do the very LEAST that it could do in the circumstances: take a leaf out of the Isle of Man’s book and introduce a deposit protection scheme covering up to £50,000 RETROSPECTIVELY. Payments would be made from public funds, a proportion o which would then be recovered from the Landsbanki Guernsey administrators eventually. The States really has no choice but to do so if it wants to salvage anything from the wreckage of its international finance centre.
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Can we all wake up. We are a tax haven and the sooner we realise it the better. Those in the know use us to their advantage those that don’t run what we do down. We can dress things up as we wish but the point that a lot of other places are making is why are we thriving when they are losing. It is now time to sort things out rather than claiming there is not much of a problem. Somebody needs to steer us out of troubled waters but it would seem we would rather prepare the salvage team to clear up the wreckage when it hits the rocks. Why can’t somebody do something positive for a change? It won’t actually hurt as much as all this negativity? Why do we fear being fair? We all expect to be treated fairly but at the same time Guernsey people are happy to receive it but not pass it on.
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