IOM channels £50 billion of funds into the City of London each year

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2008-11-15 (All day)

REFERENCE PIECE FROM JULY 14th 2008

The submission stresses that low tax centres, such as the Isle of Man, are a key part of the global financing system and the Island serves a highly important function as a gateway for channelling capital to the UK.

Mr Brown said: 'We've got a lot of recognition as a being a very good financial centre but we are still being lumped in with areas that maybe are not so good. Expressions like "offshore" and "tax haven" have no agreed standard definition. We tend to use the term "international finance centre".'

He said the Treasury committee, which is looking at financial stability, transparency and aspects of regulation and taxation, had been 'very receptive' to the message that the Island should be treated as a responsible jurisdiction that made a valuable contribution to the British economy, channelling in £50 billion of funds into the City of London each year.