23/01/2012
Ed Miliband, the UK Labour Party Leader, has come under fire from the Crown Dependencies after he announced that the Labour Party wanted the Isle of Man, Jersey and Guernsey persecuted as tax havens. Miliband is urging the UK coalition government to force the Crown Dependencies to reveal the names of wealthy UK investors who use tax planning with the threat of putting them on the OECD black list if they do not co-operate.
The Isle of Man's Chief Minister Allan Bell said Miliband was "ill-informed" and had made his statement to boost his own image. "You must look at Ed Miliband's own position at the moment, he has been under severe attack for lack of leadership. He is looking for scapegoats."
It is estimated, by The Foot Report in late 2009, that up to 2 billion GBP is the total amount of funds that could be avoiding UK taxes by structures established in all three Crown Dependencies, but a whopping 195 billion GBP is being fed back through to the UK banking system from these same territories.
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