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Progress report from Michael Foot welcomed by Isle of Man

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The Isle of Man’s Chief Minister Tony Brown has welcomed the progress report submitted by Michael Foot to the UK Chancellor Alistair Darling.

Brown says: ‘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 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 on signing 14 tax information exchange agreements, placing us firmly on the OECD’s ‘white list’ of jurisdictions that have substantially implemented internationally agreed tax standards, was welcomed by Mr. Foot and in a letter to me from Gordon Brown.
 
‘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 and I will be continuing the Isle of Man’s discussions with Mr Foot later this week in London.’

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