October 13, 2009

ONE of the City of London's leading economists says the Isle of Man should be concerned about its future as an offshore financial centre.Roger Bootle, who runs the consultancy Capital Economics as well as being a columnist for The Daily Telegraph and appearing frequently on television and radio, was speaking during a visit to the Island last week.

He told an audience of investors and business leaders that the global recession was likely to lead to governments implementing tougher financial regulations as they try to prevent another economic crisis caused by the excesses and lack of control of an under-regulated world economy.'There are moves towards a re-regulation of the financial sector which I suspect will go too far,' he said.'The French and Germans are particularly concerned about this (regulation of the financial sector] and will push the Isle of Man and other offshore financial centres to be brought within some sort of net.