UK tax havens: sinking assets

| 03/04/2009

(The Economist): In benign times Britain could smile remotely on its far-flung territories, sending the odd royal to fly the Union Flag. But corruption in the Turks and Caicos Islands, which might soon require direct rule again from London, are a harbinger of what may happen closer to home as the crackdown on offshore tax havens gets tougher, gaining momentum from the G20 summit this week. Jersey and Guernsey, two islands less than 100 miles from Britain, owe 50% and 40% respectively of their income to financial services.

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