Alistair Darling, Mervyn King and Lord Turner quizzed by MPs

Posted 04/11/2008 - 10:37 by horace

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2008-11-03 (All day)

Extract:

6:04pm: The committee moves on to the issue of the Icelandic bank.

Darling again defends the steps he took to protect British taxpayers.

"Iceland has been having problems for some time," he says.

Asked about depositors from the Isle of Man, Darling indicates that his obligation is only to people who put their deposits in UK branches.

Michael Fallon, the committee's deputy chairman, accuses the chancellor of "washing his hands" of the people of the Isle of Man. Darling rejects this.

The chancellor says that one thing this situation has shown is "we need to have a long hard look at the relationship between this country and the Isle of Man, a tax haven".

There would be "no knee-jerk reaction" but Darling adds: "It is something this committee might want to look into."

And with that the evidence session was brought to a close.