Guernsey Press

'Unite's credit crunch claims wide of mark'

BRITAIN'S biggest union has totally misunderstood Guernsey's position as a finance centre, according to the Guernsey International Business Association.

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BRITAIN'S biggest union has totally misunderstood Guernsey's position as a finance centre, according to the Guernsey International Business Association.

Unite claimed recently that so-called offshore finance centres such as Guernsey were responsible for the credit crunch.

The union said that they should be closed down because they were depriving the UK Exchequer of billions of pounds.

Giba council member Mike de Haaff said he supported the views of former local union members, who in Monday's Guernsey Press laughed off the suggestion that places such as the island were responsible for the crisis which has hit global financial markets.

They said that organisations in the UK were looking for scapegoats and Guernsey appeared to fit the bill at the moment.

'It is interesting to see that the reasons for the financial situation in which the UK finds itself appear to be better understood by our former union leaders than their UK counterparts.

'We would reinforce the point that the HM Revenue & Customs claim is unfounded as it is only an estimate based on assumptions which may be incorrect,' said Mr de Haaff.

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