“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Saturday, 21st November 2009
A Treasury-commissioned report will on Friday warn financially stressed UK tax havens to raise new taxes if they are to withstand the economic crisis, according to a report in The Guardian, London.
Sir Michael Foot, the report’s author, will also urge the overseas territories and crown dependencies to abide by anti-money laundering and counter-terrorism finance standards.
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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