Head in the sand time in Douglas, Isle of Man

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I note that Isle of Man Treasury Minister Allan Bell has said of the up-coming review of the Crown Dependencies that:

This is really the culmination of a strategy devised by the UK government to raise the profile of the Isle of Man, and deflect criticism for its own mishandling of the Kaupthing affair. Nevertheless, we are where we are (and) we have been through this process before. We have had a number of investigations in the past and have come out with a clean bill of health.

We are very confident now that this inquiry will take place and I hope this time, if it's properly objective, they will recognise once and for all that the Isle of Man's standard of regulation matches their own and international standards

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He just doesn't get it. Even if the IoM is well regulated, the rules have been proven not to work.

This review is not about how well the IoM has complied with the rules that don't work: it's about whether it should be allowed to stay in the game.

It only does so by the grace of the UK. It can only continue to do so if the UK under-writes its risk. It seems to me that the UK has at long last reallied that is a risk not worth taking.