Progress Report from Michael Foot welcomed by Isle of Man

Chief Minister Tony Brown MHK, commenting today (21 April 2009) on the progress report which has been submitted by Michael Foot to the UK Chancellor Alistair Darling, stated:

“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.”

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.”

The Progress Report can be found on HM Treasury's website at: http://www.hm-treasury.gov.uk/d/indreview_foot_review_progess_apr09__pu772.pdf