The family feud taking place between the UK and the Caymans is starting to get chippy. Convinced that Mother England's rationale for not allowing some much needed allowance money is a serious case of tax envy, Anthony Travers, head of the Cayman Islands' Financial Services Authority (CIFSA) wants the world to know that jealousy, not credit risk, it the real reason for the UK's decision to deny it emergency loans.
"We believe there is another agenda, which seems to have more to do with the competition for financial services and concern that unreasonable tax rates in G20 countries will cause an exodus of people and financial services companies."
Not to be outdone, Foreign Office Minister Chris Bryant calmly informed the Caymanian people that there are simply not enough trust fund babies in the world for the islands to remain on the OECD's grey list.
"It would be unwise, I suspect, to rely too heavily on a rapid improvement in trust fund income or to expect that the Cayman Islands' prosperity can presume on an off-shore tax haven status."
The UK has made their stance on taxes and regulation well known. Of all places, they should know you can't have your cake and eat it too.
Cayman Islands says competition prompts UK stance [Reuters]