The UK shadow Transport Secretary and Tory euro-sceptic, Mr John Redwood MP, warned the Isle of Man to beware of large European states that are jealous of successful low tax economies. Mr Redwood was speaking at a seminar organized by Rothschild Asset Management and said that " large, high tax states fail to appreciate you can operate a buoyant economy and provide services for people based on a low tax system. Be aware that the jealousy over the amount of financial business which has gone to offshore centres is very strong". Mr Redwood also warned that tax harmonization is still high on the EU agenda and branded its advocates as ‘determined federalists’, claiming that talks are already underway to make VAT the first ‘European’ tax collected through Brussels. He also criticized the UK Labour government for entering talks on a withholding tax saying that they should exercise their right of veto. He went on to urge the Isle of Man to resist such ‘inverted logic’ and ‘show that it runs its affairs well’ and that the European Union should be looking to the example of successful low tax economies such as the Isle of Man as a model for Europe rather than the reverse.
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