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While the UK struggles with economic uncertainty following Moody’s downgrade of their Aaa credit rating, the Isle of Man continues to keep expatriate funds secure within its renowned financial system.
In the annual budget speech it was revealed that the Isle of Man government would spend £540m in the coming year representing 23% of GDP. The budget deficit would be £50m but the budget is expected to be in balance by 2015/16.
The economy grew by a healthy 3% in 2012 and is forecasted to grow at 2.8% in the coming year. Unemployment is at an enviable 2.6%.
In the same speech the Treasury Minister made it clear that the Isle of Man would continue its push to improve transparency and establish an even better working relationship with the UK financial services authorities.
The Isle of Man Treasury Minister, Hon Eddie Teare, MHK, said, "The Isle of Man has long made clear that it considers automatic exchange of information to be the emerging standard. This agreement with the UK is a well-considered next step in the Island's long-established policy of being at the forefront of tax transparency and international cooperation.
"We have worked closely with UK Government on the design and implementation methods of this new model of tax information exchange. This swift agreement between our two Governments will help us respond to the problems of tax evasion with appropriate immediacy. Furthermore, it will provide confidence to international investors in the Isle of Man that they are dealing with a regime which complies to global standards of best practice."