It seems fitting that in the midst of the round-the-clock coverage of the one year anniversary of Lehman’s collapse, the UK is in the midst of deciding whether or not to let one of its institutions fail. As much as lawmakers would like to make an example out of the Caymans and force them to fend for themselves, should the tax haven fail to find a way out of its budgetary abyss, the UK may find itself on the hook for far more than the £25bn its satellites cost the Queen through tax avoidance and evasion.
But it’s not just the Caymans that are cause for concern. As proof that misery loves company, the Isle of Man, Guernsey, Gibraltar and the Turks & Caicos are all in one form of trouble or another. By now though you’d figure the lessons from Lehman had been learned and government officials would just bite the bullet and throw out the safety net in the name of overall global stability.
Vince Cable, the Liberal Democrat Treasury spokesman, said: “Britain obviously has some responsibility towards these small number of territories and that’s clearly right, but we can’t get into an open-ended bailout that would reward financial mismanagement.
Unless the UK plans on following Lehman’s lead and putting its sunnier territories up for bid on eBay, an open-ended bailout seems preferable overall to a close-ended bankruptcy.
Britain ‘may be forced to bail out tax havens’ [Guardian.co.uk]
Stupid brits. >50% taxes next year, mark my words.
- a brit
@1
Would that be considered “bollocks” or “rubbish”?
-An American
@1, no chance. Arsene Wenger won’t let it happen.
@2 bollocks
@3 I thought idiot-Beckham and his Chav-idiot wife would save the UK.
I guess I was wrong. Maybe big brother will come to the rescue….
What lessons from Lehman, Greg? And at what point do you suggest you stop shoveling taxpayer money at failed financial institutions? Are you really that much of a socialist? As for the commenter from Britain, if you keep bailing these idiots out, you’ll need a lot more than 50% taxes to stay solvent. This post makes me want to vomit on your face.
Thanks for the picture of a Dollar sign when the entire post discusses the UK. Attention to detail.
I hope to make an impact in my new position as ACORN screener.
Greg, I’m going to leave your car door ajar, so your dome light stays on and eventually drains your battery.
-Jeff Macke
Vince Cable is a sweet porn star name.
Greg,
When you are away from your computer I am going to go into your iTunes and delete each mp3′s Name, Song Title, Album and Genre so you will not be able to tell which song is which.
-Not Jeff Macke but a fan of his work.
On a side note I would recommend pulling the above prank on everyone you possibly can and watch the sparks fly.
Whatever happens
We have got
The maxim gun
And they have not
that photo reminds me of wall street
@ 2- I go with rubbish
An Australian living in NYC