First, the Turks & Caicos are far from alone in being bust – so are Jersey, Guernsey and the Isle of Man – all of whom are running big deficits. Cayman, the Bahamas and Bermuda are also in the club. And as the report makes clear, they can be reckless because we carry the can. And they are being reckless as a result.
Second, if Labour was reckless for not intervening when reliance on financial services (which was actually relatively modest in the T & C’s case) left the islands vulnerable then there is now an undoubted duty to intervene in Jersey, Guernsey, the Isle of Man, Cayman, the Bahamas and Bermuda.
The Bahamas are fully independent, not overseas territories or Crown Dependecies.
So now he\’s urging that we \”intervene\” in the tax system of a fully independent country. Colonialism anyone?