At a time when the Isle of Man's financial profile is under scrutiny from the UK Government, Chief Minister Tony Brown MHK has viewed the findings of the Michael Foot progress report as encouraging.
Commenting on the report, which was submitted by Michael Foot to UK Chancellor Alistair Darling, Mr Brown said 'The Isle of Man regards the Review of British offshore financial centres as a wholly appropriate action given the unprecedented global financial turmoil affecting all economies.
'As a responsible International Business and Finance Centre with strong relations and interaction with the UK, it is only appropriate that we work together to examine our economic models in light of the new world that is emerging.
'We’ve had very successful meetings with Michael Foot and his team in which the parameters for the review were outlined and discussed. We provided the review with information about our internationally-recognised standards on regulation and tax, as well as an overview as to how our diverse economy is performing during the global downturn.
'Our progress in signing 14 tax information exchange agreements, placing us firmly on the OECD’s ‘white list’ of jurisdictions that have implemented internationally agreed tax standards, was welcomed by Mr Foot.'
The Chief Minister concluded, 'We look forward to responding in greater depth to some of the specific questions which Michael Foot raises in his progress report. Treasury Minister Allan Bell MHK and I will be continuing the Isle of Man’s discussions with Mr Foot later this week in London.'
Michael Foot is leading the independent review of British offshore financial centres, a move which was first announced by the UK Government in November 2008. The review is looking into the immediate and long-term challenges facing these Centres in the context of the current economic crisis.
Read the full report from Michael Foot here.
