Britain 'may be forced to bail out tax havens'

Fourstar · 14 Sep 2009 at 23:23

Experts suggest the failure of a major tax haven could potentially cost the UK tens, if not hundreds, of millions of pounds.

Is it just me that reads these kind of figures and almost dismisses them with a yeah whatever, small change mentality.

With this year's budget deficit heading north of 170,000 million I can't get motivated for 10s to a few hundred :/

theo · 15 Sep 2009 at 00:45

Fourstar said:
Is it just me that reads these kind of figures and almost dismisses them with a yeah whatever, small change mentality.

With this year's budget deficit heading north of 170,000 million I can't get motivated for 10s to a few hundred :/

The article means to state that it could be 10million pounds ranging up to 100million+ pounds. So in worst case scenario the deficit increases by about 66% which is something to be motivated about i think.

dante6491 · 15 Sep 2009 at 00:55

theo said:
The article means to state that it could be 10million pounds ranging up to 100million+ pounds. So in worst case scenario the deficit increases by about 66% which is something to be motivated about i think.

Ermm the deficit is estimated to be about £180Billion not million.

Stretch · 15 Sep 2009 at 00:58

scorza said:
Just to be clear, the article is talking about bailing out the governments of tax, not the tax avoidance financial services that exist there correct?

why not just tax the residence/companise to to make up the shortfall, that's what they they have to do here. My company is jersey bassed and they can certainly afford it

Geffen · 15 Sep 2009 at 06:42

I would just like to say that i'm happy to go out to Bermuda, the Cayman Islands, or the British Virgin Islands to help them get their finances in order.

dowie · 15 Sep 2009 at 10:48

Britain has imposed direct rule and suspended the government of the Caribbean Turks & Caicos islands amid claims of systemic corruption there.

blimey - tis quite interesting there are still these little pockets of 'empire' still left with links to the UK and one of them now has an old-school style foreign office appointed British Governor who's not just a token figure (albeit just for a couple of years till they sort out the corruption)

antijoke · 15 Sep 2009 at 10:51

What does this mean to the taxpayer?

dowie · 15 Sep 2009 at 11:06

not much - we're talking a few hundred million in loans, possibly..... would just come from a pot that already exists for overseas aid so won't cost us anything more - would just mean umbongo land in africa doesn't get as much funding this year

look at the amount spunked on benefits etc... in comparison

tis more the principle of it that makes it newsworthy - i.e. we would be bailing out small territories who's main industry involves depriving the UK of tax revenue