Isle of Man a rock in hard place

Image by Tasa_M via Flickr

The Kaupthing collapse has been making the local news and tv stations again today. The thing is all for the wrong reasons.

Last week it looked like there was some possible avenues that could lead to a positive result for all those saver who lost out. Now it seams that the Isle of Man is the rock between a hard place.

The Labour government hasn’t been been quiet coming forward in saying over the years that it isn’t mad keen on offshore tax havens and you kind of get the feeling that it could well use this credit crunch casualty to be it’s way of squeezing the drop out of last Isle of Man Offshore banking Tax Haven status.

After all the Isle of Man has said it can go on without the help of the UK historically and after all why politically should the UK Governent assist customers who have lost there savings when they don’t really agree with the IOM Tax haven status.

Not very good times.

The Isle of Man government needs to take drastic quick action to find the right resolution.

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