Wednesday, September 02, 2009

Oh dear how sad never mind

The government of the Cayman Islands is broke and may have to introduce new taxes:

The leader of government business, William McKeeva Bush, begged the British government to borrow $310m (£190m) from banks. In a strongly worded response, Chris Bryant, a junior Foreign Office minister, has demanded the Caymans cut its borrowing and debt. And in a shockwave that will send tremors through the island's financial elite, Bryant even suggested that the tax haven introduce taxes.

"I fear you will have no choice but to consider new taxes – perhaps payroll and property taxes," Bryant wrote to Bush. "I understand, of course, that in so doing you will want to consider carefully the implications for Caymans' economy, including the financial services industry."

It's a very egalitarian recession we're having!