Speaking in response to a question from Douglas North representative, Bill Henderson, Isle of Man Treasury Minister Allan Bell announced that a recent half-billion pound increase in the Island's deposit base is a barometer of the jurisdiction's popularity as a location for the assets of businesses and individuals.
According to the Isle of Man Online news service, responding to Mr Henderson's question with regard to the economic and other implications of the increase, Mr Bell observed that:
'It is seen by many as a symbol of the significance and status of a finance centre.'
However, he explained that there was no way of calculating how much extra tax would be generated by the increase.
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