Mttv Archive: Chief Minister Briefing 9.11.2012

Our second briefing today and with me now of course the chief minister you’ve got two items that you’d like to tell us about and one is addressing the city that the city in London we’re talking about here how is the old man viewed I mean that’s uh suppose you know the thing when you get down there are you.

Greeted warmly or you’ve seen as the tax haven or the people who are robbing us of money how’s it going days oh I think the biggest problem we’ve got frankly is the lack of visibility of the island in London there’s a lack of awareness of what the alamin has to.
Offer we think of course that.

The whole world knows about us but in the hard-headed business world of the City of London they are focused on long.

Established business relationships often with other jurisdictions and therefore we have to.

Work very very hard now to raise the profile in whatever method we can to introduce them to the services that the other man can offer so it’s.

It’s by and large it’s been a very positive engagement but it’s based mainly on the lack of any awareness of the alamin not a hostility Alabama fund managers association for this one on it mean this is too important part of our business.

Yes the funds Association has had a major promotional push in London now for I think the last four or.

Five years and I think it was fair to say that the event they had this week was probably the most successful they’ve had yet there were 170 attendees from the city they’re a good number of people from the Isle of Man down as well to network and build relationships.

With these people and I think the overall response i had at the end of the meeting was a very positive one and already new links have been made and there’s already talk of new.

Business coming here so i think given the fact that we are in a very competitive situation economically these days it was a good step forward not talk about that killer people are obviously aware of fact it’s progressing the ala man.

Has made a commitment at this stage to talk to the united states along side with jersey and guernsey and those talks are continuing now to identify the mechanics of how factor will will work we also have to be aware of course that a u. FATCA which is in effect automatic exchange of information may lead on to demands from other countries for similar facilities.

Particularly the European Union at the moment so this might just be the start of a much longer dialogue which is about to undertake did you pick up the phone and congrat congratulate the president by the way I.

Haven’t been in touch with President Obama just yet I think he’s probably.

A little bit busy president but I i think his re-election or at least the election of a new president.

To an end a period of uncertainty in the united states there are some massive challenges for the US government at the moment and now hopefully they can focus on that and that might bring some stability back into the world financial market so just to.

Have the end of that election period has got to be beneficial I’ve so.

Got a lot of feedback from our interview last week about the factor thing these are businessmen who are going wow we could be in trouble not just asking Jersey Guernsey you name it anywhere where this is really starting to potentially be huge it is it has the potential to be a real game-changer in our relations with the international community as you say it’s a Crown dependency and indeed beyond that it will be the overseas territories.

As well there is a fierce debate going on now about tax planning about the location of where companies pay tax the level of tax they pay the morality of tax planning this has been building up a head of steam now for quite some time but it is quite clear.
And certainly talking to politicians in London again this week it is quite.

Clear this agenda is here to stay we’re not going to go back to where we were before so we have to start to make.
Preparations for living in a new world and the exchange.

Of information will be one of those new conditions i think the alaban has actually been kept out of most the spotlight with offshore tax tears i’m talk about the jersey particularly and Guernsey being dragged into this yeah how cleanly is the isle of man would you say we do you know that these things gone here or are.

You know the ala man has been in financial services now for probably some 40 years.

It’s impossible to tell what sort of business in the past may have gone through the island you know I have to admit that but what I can say is that the government has tried very hard especially.

Over the last 10 years to improve the quality of oversight of regulation of control of transparency and to do our best to.

Meet international applied standards we’ve been recognized by a number of bodies the OECD and the IMF and various others g20 and being placed on white list as a result of that so we’re doing all we possibly can at.

The moment to prevent the abuse of.

Our system but that’s not to say there may not be rogue.

Elements that on occasions will slip through as they will in any jurisdiction including the United Kingdom I mean you’ve been away three days this week it’s just constantly now your job to bang.

The drum it’s a very important part of the Chief Minister’s role is to promote the ala man’s image off-island to engage with politicians elsewhere this is a very volatile period for international diplomacy i think it is vital.

Message is heard in as many areas as possible I mean you do the FT supplement is that one there’s Oliver torial things you have to pay for that solving.

It is paid for not necessary by the government is not it’s often covered by local advertising which goes in as well but although.

It’s paid for it isn’t actually in Abbott Oriole the FT retains absolute editorial control of this article so it’s a very objective article when it does come out and has in the past been critical as well as supportive of some of the areas that we have been promoting so it’s a balanced publication and one which I think.

Respect in the business circles we want to engage with and that’s out thursday the 15th out 30 years you’re also getting to webcasting yes yes like like this for bigger well I think.