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News
05
New Zealand and Australia
War on Want
have the lowest cost of
living for British expats
waging war on
Jersey
Campaigners from countries who trust in Jersey called Granite sus-
claim “billions of pounds is lost pected of holding £40 billion.
through banks using tax havens” War on Want claims corporate tax
held a public meeting on Jersey dodging is costing developing
on 13 March. The demonstrators countries £250 billion a year.
claim they were joined by resi- It warns that any crackdown on
dents of Jersey who are hit by the ‘tax havens’ must take account of
island’s ‘tax dodgers’ forcing up the impact on those less well off
living costs. living in places such as Jersey. War
© Amilevin | Dreamstime.com
The British charity War on Want on Want contrasts the £700,000-a-
A survey by Foreign Currency compared with September 2008.
is in the process of stepping up its year pension for the disgraced
Direct reveals that the cheapest The cost of living within the
campaign to end ‘tax havens’. The chief of RBS – which has 30 off-
places for British expatriates is Eurozone is now higher than the
charity warns that the tax infor- shore companies in Jersey – with
Australia and New Zealand, UK, with France being the most
mation sharing agreement with the one in four of the islanders
where the cost of living is one expensive destination for British
Britain signed in March by Jersey who depend on state help to sur-
third lower than in the UK. expatriates, a substantial 34%
is not enough. It says Jersey has vive amid one of the world’s high-
The study compared the cost more expensive than the UK.
rushed to sign the deal in a bid to est living costs.
of various purchases commonly Italy and Cyprus remain cheaper
escape being put on a blacklist of Simon McRae, senior campaigns
made by a British person living with the cost of living 14% and
tax havens being drawn up in officer at War on Want, said: “The
overseas. New Zealand is the 8% cheaper than the UK respec-
advance of next month’s G20 British government claims to care
cheapest, with a cost of living 33 tively.
summit. about global poverty. Yet the UK
per cent lower than in the UK. The survey covered the top ten
The big four banks – RBS, Lloyds plays a major role in helping com-
Australia is not far behind, offer- countries where Britons would
TSB, Barclays and HSBC – have panies dodge the tax they owe
ing a cost of living 22 per cent most like to own a property. The
over 1200 subsidiaries in ‘tax which could help the poor. If
lower than in the UK. countries concerned were New
havens’, with the Cayman Islands Brown is to put people’s needs
Some typical price differences Zealand, Australia, Italy, Cyprus,
(262) and Jersey (170) the most before global greed, he must shut
quoted in the survey were: Canada, Greece, USA, Spain,
popular. And Northern Rock has a down fat cats’ tax havens.”
Ford motor car Portugal and France.
Australia £9,338 Peter Ellis, chief executive
New Zealand £9,401 of Foreign Currency Direct,
UK £12,866 commented: “When considering
Half a dozen eggs a move abroad, Britons should
Australia 84p not only consider the quality
New Zealand 70p of life and cost of property over-
UK £1.61 seas, they should also be aware
Starbucks cappuccino of significant variations in the
Australia £1.10 cost of living. If your main
New Zealand £1.28 source of income is in sterling,
UK £2.12 the cost of items overseas can
British residents in Europe are vary significantly with exchange
paying 10% more on purchases rates.”
Seb Klier/War on Want
Sudan facing direct foreign investment meltdown
Direct foreign investment in Sudan lion and $3 billion in direct foreign foreign investment in 2009. arrest of al-Bashir. Prosecutor Luis
may decline in 2009 because of the investment in 2008, 80 percent of “Investors have shied away Moreno-Ocampo asked The
deepening global recession and which was from Asia, said Sudan’s because of the spectre of indict- Hague-based court in July to seek
concern that President Umar al- Investment Minister George ment,” he said. “That has created a al-Bashir’s arrest, alleging “crimi-
Bashir may be indicted on crimes Nyombe. Most investment into slowdown in enthusiasm.” nal responsibility” for genocide,
against humanity, a government Sudan is oil-related, Nyombe said. The International Criminal crimes against humanity and
minister has said. He declined to say how much Court said on February 12 that it other war crimes in Sudan’s
Sudan received between $2.3 bil- the country may receive in direct is reviewing a request to seek the Darfur region.
© Ratluk
www.investmentinternational.com March 2009 Investment International
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