Saturday, 21st November 2009

 

10 March 2009 - Press Briefing

Tax havens campaign against ‘indiscriminate’ crackdown

Some of the UK’s Crown Dependencies and Overseas Territories have launched a rearguard initiative to thwart the “action against tax and regulatory havens” threatened by Gordon Brown and other world leaders, according to a report in the Financial Times.

Deborah Drummond, deputy financial secretary of the Cayman Islands, seemed wary of a very indiscriminate position being taken, “which owes more to protectionism and prejudice than judgement and intellectual application”.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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