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EU sabre-rattling could rip the heart out of Brit dependencies all over the world

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Monday, 03 April 2017

EU sabre-rattling could rip the heart out of Brit dependencies all over the world

Professor Alastair Sutton, a former European adviser to the Crown Dependencies, recently warned the House of Lords of a EU “blacklisting” of the Crown Dependencies’ financial sectors as part of a drive to deal with tax havens. He told the committee the EU was undertaking a “so-called blacklisting process where serious damage to the economies of Jersey, Guernsey, the Isle of Man… could be done if the EU blacklist these territories despite the fact that they have ticked all the boxes internationally in the OECD for compliance with tax, anti-money laundering legislation and financial regulation”. The House of Lords report on the issue also warned the Isle of Man’s exports of lambs to Greece, Italy and Germany, and king scallops to the EU, were industries that could be affected by new trade tariffs. A similar blacklisting of Britain’s 14 Overseas Territories and exports, particularly in the Caribbean, could occur. These countries, which include Anguilla, Bermuda, the British Virgin Islands and the Falkland Islands, have well-established links to the EU. A recent report by the United Kingdom Overseas Territories Association stated a “significant volume” of the territories’ external trade was with the EU and required free access.

Source: The Sun