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Manx Bean

Zurich International Redundancies

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I heard last night that Zurich International - them of the new swanky office - are making 30+ people redundant. Apparently, the jobs are going to Dubai. So that's clearly another company who's commitment to the Island and its community means little.

I wonder what bollocks Skelly will spout on this one - that's if he's even anywhere to be seen...

Edited by Manx Bean

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21 minutes ago, Manx Bean said:

I heard last night that Zurich International - them of the new swanky office - are making 30+ people redundant. Apparently, the jobs are going to Dubai. So that's clearly another company who's commitment to the Island and its community means little.

I wonder what bollocks Skelly will spout on this one - that's if he's even to be seen anywhere...

In all fairness why stop at Skelly? HRH The Chief Minister is architect of many of the disastrous policies which are resulting in job losses, announced and hidden from the press. Cannan plays a part too. Skelly is too full of himself to care. Chris Thomas is full of academic waffle  and blindsided to even notice. HRH The Chief Minister is the one wholly responsible for this, the others are merely bit players.

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Havn't seen a press release,  do they actually blame HRH the Chief Minister? 

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It's just yet another bite out of what we've built our economy and local industry on.

If it is our politician's failings in any areas it is the failure to act on or make provision for what has become increasingly obvious in the last 8 or so years. The UK offshore business is under pressure and rulings from EU and elsewhere are rendering much of what we "do" as unacceptable or unlawful.

These big firms still have options open to them which they will exercise. But those options don't involve staying on the IoM to beat their heads against a wall and try and stem the onslaught. They will go where they can continue to do business with least restrictions.

The first duty is to their shareholders. They are on the IoM in the first instance for very few reasons. And none of them are loyalty to the Island.

Edited by Non-Believer
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I understand that Dubai has very few financial controls/regulations so it would make sense. Trying to do business on the IOM is very difficult and expensive 

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18 minutes ago, NoTail said:

I understand that Dubai has very few financial controls/regulations so it would make sense. Trying to do business on the IOM is very difficult and expensive 

Just wait until BREXIT kicks in and the UK government decide they want all of the --- tax efficient --- business in the finance sector and set about closing out competition where it can and the Crown Dependencies will be first in line.  HMG can and will.

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1 minute ago, Butterflies said:

what you think that all of a sudden HMG will be able to set our tax rates? :D

HMG  cannot and won't.

No. But they can set their own and make it more attractive and less hassle to be there than here?

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Yes. If they want to lose 21% corporation tax from all the UK companies (and non-UK companies making profit in the UK), and gain 0% corporation tax from a handful of offshore businesses

pretty unlikely I'd wager

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2 hours ago, Non-Believer said:

The UK offshore business is under pressure and rulings from EU and elsewhere are rendering much of what we "do" as unacceptable or unlawful.

That would seem not the be the issue here, given that the United Arab Emirates is on the EU 'blacklist' of of non-cooperative (tax) jurisdictions, whereas the IoM is no longer even on their 'greylist'. 

https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/

 

Edited by Yibble

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16 minutes ago, Butterflies said:

Yes. If they want to lose 21% corporation tax from all the UK companies (and non-UK companies making profit in the UK), and gain 0% corporation tax from a handful of offshore businesses

pretty unlikely I'd wager

They can and will set preferential rates to attract certain businesses. Bribery, pure and simple. But when it's worth billions to those preferred concerns they will have no compunction about uprooting from wherever.

Look at Zurich right now. Parts of the business off to the land of less regulation (I have rels in there, incidentally). Regardless of 0% or whatever. Because we are relatively hamstrung and inconvenienced (from their point of view) by regulations and strictures imposed upon us.

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31 minutes ago, Butterflies said:

what you think that all of a sudden HMG will be able to set our tax rates? :D

HMG  cannot and won't.

You wish!

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4 minutes ago, Yibble said:

That would seem not the be the issue here, given that the United Arab Emirates is on the EU 'blacklist' of of non-cooperative (tax) jurisdictions, whereas the IoM is no longer even on their 'greylist'. 

https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/

 

"Something" is making Dubai more attractive than the Cooil though?

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12 minutes ago, Non-Believer said:

"Something" is making Dubai more attractive than the Cooil though?

As 'NoTail' says above, it might be the absence of regulation and the ability to do all the sorts of things the EU doesn't like. Or it could simply be the growing importance of Dubai as a offshore financial hub.

Personally I would question the current business logic of moving activities to a notoriously illiberal country, just across the gulf from Iran, where all the buildings are made of glass.

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It's an odd choice at this time, some globals are departing Dubai shores

Quote

Long used by multinationals as a regional base, some companies are rethinking that strategy. PepsiCo has made redundancies at its Dubai headquarters and is moving about 30 per cent of roles into larger markets such as Egypt and Saudi Arabia.

 

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