I have been musing on why the UK government is proposing to do such a disastrous deal with the Swiss government. A deal so bad that one of my usual critics from the Isle of Man has said:
Richard, I rarely agree with you, but on this occasion I have to admit that everything you have said is right. In fact, when I first saw the headlines, I thought that this cannot possibly be what the British government’s intentions are when they sign up for this.
If it is, then every other offshore centre will have to give way to Switzerland because they can no longer compete. Now, everyone who pays more than a 35% tax rate, or who doesn’t want to pay IHT on their estate can just put their money in Switzerland and it will be alright. If this deal becomes law, your work is now finished
So why this sudden enthusiasm in the ConDem government for supporting Swiss banking secrecy? Could it, possibly have anything to do with this man?:
You've met him before, here. He is, of course, the Rev Stephen Green, current chairman of HSBC, and former chair HSBC Private Banking Holdings (Suisse) SA. Yes, that HSBC's Swiss private bank. And he, of course, is shortly to become Lord Green and a Trade Minister in the ConDem government.