London's position as the world’s finance centre could be under threat by tax -changes to non-domiciled foreigners residing in Britain, a minister has claimed.
Speaking to the Financial Times, trade and investment minister, Digby Jones, said the move to charge £30,000 a year to foreign residents will have a major impact on the country’s ability to attract skilled finance workers.
Lord Jones added that government's decision has raised concerns from the banking and finance industry, but that it was important for people to realise the charges would only be implemented after seven years.
Last month, Tim Ridley, chairman of the Cayman Islands Monetary Authority, highlighted the importance of the financial services industry to small islands .
In a speech to the Rotary Club of Grand Cayman, he stressed: "It is that industry, not tourism, which has given the Bahamas, Bermuda, the Channel Islands and the Cayman Islands such high per capita (gross domestic product) ."
London's 'World Finance Centre Status' Threatened By New Tax Laws
Fri, 15 Feb 2008
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