The tax havens on our doorstep

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The Guardian has another blog under the above title, addressing the issues of Jersey, Guernsey and the Isle of Man.

I have commented as follows:

It is worth noting that both Jersey and Guernsey face economic crisis at present.

I have shown why Jersey is at risk of going bust here.

The situation has got worse since the credit crisis has emerged.

Guernsey has to see massive economic growth to fill its budget gap as a result of introducing a 0% corporate tax rate. There is no chance at all it will happen.

The Isle of Man is different. The UK gives it a tax subsidy of more than £200 million a year to be a tax haven.

That is our money given to the Isle of Man to let them undermine our tax system.

The details are here.

We can stop the latter abuse. We'll pick up the tab when Jersey and Guernsey sink. Have no doubt at all: this is a UK domestic issue that our politicians have to tackle.

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