As the BBC has reported, Nick Clegg has done a video interview (link here) singing the praises of the tax haven activities of the Channel Islands. As the BBC note:
The financial services industry in the Channel Islands has been described as "hugely important" by the UK's Deputy Prime Minister Nick Clegg.
He told the BBC the islands were "an important gateway for the wider financial sector and indeed the economy in the United Kingdom".
Well that gives the game away as far as the Lib Dems are concerned. What Clegg does not ask is where the cash in the Crown Dependencies comes from - not realising that a not a pound of it originates there. These places are just conduits - booking locations - where it is claimed transactions occur for the sole reason of avoiding tax and regulation. That is their only economic function, and he endorses that rent seeking, democracy undermining, tax destroying and society threatening activity. That's a revelation of true colours moment.
Meanwhile, as the BBC also note:
His fellow Liberal Democrat Vince Cable has called for a crack down on "tax havens".
Clearly to be consistent in that case Cable does not think a place like Jersey - that deliberately hides tax evaders and their cash by refusing full information exchange under the European Union Savings Tax Directive with the UK - is a tax haven. But if so that'll immediately scupper his credibility in the eyes of the public: to fly in the face of the obvious when offering a political promise is to shoot one's self in the foot. It looks like the Lib Dems are doing just that.
And so much for Danny Alexander's claim that tax haven companies won't get UK government money if Jersey and Guernsey aren't on that list of havens: that'll be just another hollow promise then.
Oh what weasel words the Lib Dems are offering. That, or they have no idea what they're doing.
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I don’t think enough is made of Cameron and Clegg being where they are in life due to their fathers being bankers.
Lets just forget that the channel islands have poverty and thousands of poor people. #sillydogma
And they’d be better off without finance and a reorganisation of the economy
As the partner of a Guernsey man who has not, and short of a lottery win will never, be able to afford live in his home land; I agree the locals get no benefit from the wealth hiders.
Which is the better epitaph?
* He lived a simple and honest life.
* He lived amongst thieves and relied on them for a living.
I’m afraid I didn’t hear this sickening revelation – SO explanatory of Clegg’s real sympathies (or of his woeful pig ignorance baout the economy) as couldn’t watch more than the brief opening exchanges, with the guff about “tough decisions” and “I’ll do what’s right, not what the polls say ” (as if !!), as watching Clegg (and all the members of this band of villains and kleptocrats, masquerading as HMG) is becoming genuinely bad for my health and blood pressure.
I DID manage to hear him trot out the facile argument about the money supply, referring the Liam Byrne’s ludicrous farewell message, which more and more appears to me as a final hand grenade lobbed into the reputation of the Brown administrations, which, far from crashing the economy (as Clegg – of course – went on to say), undoubtedly SAVED it from the 2008 crash.
If Labour wants to win the argument, they simply MUST repeat this – “Labour saved the economy” – as a more reasonable, and certainly more truthful mantra than the nauseatingly untrue and patronising “We’re all in this together” – as on the Titanic, where none of the 3rd Class passengers were anywhere near the lifeboats. With htis government, suppl,y of lifeboats would probably have been outsourced to SERCO!
You sound incredibly bitter about this statement Richard but what do you do when it comes from the top?
Maybe it’s time to either concentrate of real tax havens away from the Channel Island which are simply well regulated, transparent offshore finance centres or wrap the TJN up?
“The top”?
You think Clegg is “the top”?
Oh, please get real. The man is simply showing a) his ignorance and b) his bias. No doubt c) he’s also angling for a job in 2015
And don’t show how desperate you are for any crumb of affection you can get
“Oh what weasel words the Lib Dems are offering. That, or they have no idea what they’re doing.”
Both ! – They are both dishonest & stupid.
Look, I don’t agree with Labour because of it’s state-ist policies and if there’s one thing the 20th Century has shown, it’s that state-ism doesn’t work (hence the collapse of the USSR etc), and the ongoing EU fiasco. However, at least you know where you stand with Labour – if you want a socialist failed state they will deliver. I also disagree with the Conservatives, because they don’t stand for Capitalism, they stand for utterly corrupt big business. But again, if you’re a CEO or similar who wants to totally destroy the UK financially and socially, and destroy our children’s future for your own selfish ends, then again the Conservatives will deliver on that.
The LibDems though, well they’re in a class of their own. If you disagree with Labour & Conservatives, and want a balanced middle way – a liberal, democratic country for example, then I GUARANTEE you they won’t deliver. Instead they’ll pick the worst of both Labour and Conservative policies and through lies and stupidity give you the worst of both worlds.
To link Labour and the USSR is so daft I am still wondering why I am letting this comment on the site
For heaven’s sake talk sense when you come here
There are alreadymore than enough off-shored companies with existing and long standing government contracts to make this a futile and meaningless pledge. Not only is the PlebDem definition of a tax haven different to most people’s (a politicians idea of fairness is always different to a human being’s), they are also supportive of introducing a very narrow General Anti-Avoidance Rule, which would mean even more off-shore tax avoidance schemes being deemed ‘acceptable’ in their eyes. Yet another PlebDem ‘prom-edge’ they’ll apologise for making in a few years’ time.
Mr. Murphy makes the telling point that not a cent washing through the Crown Dependencies was generated there — it is just visiting for a secretive “face lift”.
The Isle of Man, Jersey, and Guernsey are secrecy jurisdictions with their own particular rules and peculiar law enforcers. Any regulations or initiatives to prevent crime are open to expediency or disregard at their own convenience — as the chief minister is related to the head of the judiciary who in turn is related to the chief of police.
Why are they such evil places?
Simply because they can be.
By now there there should not be a person living in the UK that either cared or believed a word that Mr Clegg says.
http://bermudasun.bm/main.asp?SectionID=24&SubsectionID=270&ArticleID=60764
9/26/2012 8:21:00 AM
UK ready to counter ‘tax haven’ label
New Minister Simmonds addresses a range of issues for the Bermuda Sun
UK Overseas Territories Minister Mark Simmonds
UK Overseas Territories Minister Mark Simmonds
Raymond Hainey
Senior Reporter