Under the heading of 'The tiny British island of Anguilla worries about Brexit', The Economist addressed the issue of the impact of Brexit on its Overseas Territories, mainly in the Caribbean and particularly in Anguilla, an island whose connectivity is entirely dependent on neighboring territories from France and the Netherlands. There is also a mention to other BOTs, such as the Falkland Islands, and its main exports market, Spain, 'which has a taste for Argentine squid'. And 'it is not clear whether the Falklands will retain tariff-free access to this market once Britain leaves the EU'.
The British Overseas Territory of Dominica has suffered “widespread damage” from Hurricane Maria, Prime Minister Roosevelt Skerrit announced. “We have lost all that money can buy,” he said in a Facebook post. The hurricane suddenly strengthened to a “potentially catastrophic” category five storm, before making landfall on the Caribbean island.
The Premier of the British Virgin Islands Dr D Orlando Smith has called for the relationship between the United Kingdom (UK) and its Overseas Territories (OTs) to be re-framed to become more mutually beneficial.
New global rules forcing companies to report taxable activities country-by-country publicly have been called for by a group of 300 prominent economists. In a letter to world leaders, the group urges the UK to “take a lead” in the push for more tax transparency and argues that poor countries are the biggest losers from tax havens.
British Overseas Territories said they hoped that the Labour Party and other parties in the UK Parliament will remain consistent in their support for the self-governance and self-determination of the people of the BOTs and their continued growth and development.
Pressure mounted on Prime Minister David Cameron on Tuesday to impose “direct rule” on British overseas territories after several of them figured as tax havens in the leaked Panama Papers that have caused ripples around the world.
The British Virgin Islands received more foreign direct investment last year than the major emerging economies of India and Brazil combined, a United Nations survey said on Tuesday. Brazil and India got 63 billion and 28 billion respectively.
Close relatives of China’s top leaders have held secretive offshore companies in tax havens that helped shroud the Communist elite’s wealth, a leaked cache of documents reveals. As the report was released several western newspapers, news agencies and websites, some of them with the mandarin version, were hacked in China.
Tax havens such as Bermuda and the Cayman Islands will work more closely with Britain and other European countries to fight tax evasion, British finance minister George Osborne said.