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Chancellor Hammond to potentially transform Great Britain into a tax haven

Published: 24/01/2017 by Comments

Chancellor Hammond to potentially transform Great Britain into a tax haven

In an interview with a German newspaper, Chancellor Philip Hammond has suggested that if the EU does not provide a satisfactory agreement in terms of market access, Britain will be transforming its economic model into a corporate tax haven.

He stated that he hoped to remain as European friendly as possible despite the decision to leave the EU; however, “If no one is prepared to compromise on this issue, we are going to have to do what is necessary to keep our economy afloat.”

Hammond was very direct in his remarks, when asked to clarify what he had said, he made sure that his words were clear and concise to all who were listening, reading or watching. “The country will do what it has to do in order to maintain its competitive advantage.”

Speaking on behalf of the British people as one who did not vote for Brexit, Hammond is of the mindset that the country is not going to take this lying down. “Yes the country has been wounded but there are things that we can do to regain our position, and we will regain our economic standing.”

His statements however appear to contradict what he said earlier in a discussion with the German chancellor Wolfgang Schauble. A week prior Hammond stated “The UK does not intend on doing anything that is going to upset the European Union as a result of our exit.”

During his interview, he also mentioned that Britain would be taking the necessary steps to restrict immigration. At the same time he stated that a person with a German passport can travel to the UK and do business freely.

His ideas seem to clash with the Prime Minister, Theresa May is planning on a complete restriction for EU workers within every industry and at every skill level. She believes that there are enough qualified workers in the UK for an effective running economy.

Photo credit: J D Mack

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