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Isle of Man with revenue problems

ardmacha · 2009-10-20 20:16:22

Those seeking to flee hardship in Éireann should not flee to Ellan Vannin, it might be a case of leaving frying pan for the fire. Perhaps we should merge with our Gaelic cousins. Darling cuts Isle of Man budget by 24% Alistair Darling, the chancellor, has cut the Isle of Man's budget by 24% in a dramatic move that could…

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20-10-2009 9:16pm

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ardmacha

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Those seeking to flee hardship in Éireann should not flee to Ellan Vannin, it might be a case of leaving frying pan for the fire. Perhaps we should merge with our Gaelic cousins.

Darling cuts Isle of Man budget by 24%
Alistair Darling, the chancellor, has cut the Isle of Man's budget by 24% in a dramatic move that could threaten the tax haven's economic viability. The Treasury confirmed that it had slashed £140m off the Isle of Man's £572m annual budget by sharply reducing a 400-year-old customs revenue-sharing agreement.

Treasury officials acted to rein in the Irish Sea island when it became apparent the UK was, in effect, subsidising it heavily through the customs agreement. The government informed the Isle of Man's leaders of its intention to slash the subsidy four weeks ago. It has agreed a £50m "transition" cut in the first year but that is still nearly 10% of the Isle of Man's annual revenue. The decision is the latest blow for the world's tax havens, many of which operate under British control.

http://www.guardian.co.uk/business/2009/oct/20/darling-cuts-isle-of-man-budget

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