Wednesday, September 30, 2009

Gordon Brown: "Not one British saver lost a penny"

In his keynote address to the Labour Party Conference Gordon Brown said those very words: "Not one British saver lost a penny" in the financial tsunami that hit the UK in 2008. Excuse me Gordon but your speech writer had forgotten to put in the words: "except for the thousands of British expat savers who lost everything on the Isle of Man on 9 October 2008."

To compound this piece of being economical with the truth Gordon Brown went on to say: "every government across Europe chose to act", but he forgot to insert the damning words: "except the IoM government"

In response Lorraine, a dispossessed KSFIoM depositor,says:

- I am British
- I have always lived in Britain
- I was educated in Britain
- I have always worked in Britain
- I have always paid tax in Britain
- I deposited in KSFIOM on the advice of my British bank & British IFA
- I believed the British newspapers/Government/Regulatory Bodies that
the bank was safe
- I signed for withholding tax on this deposit
- I have lost my money by trusting Kaupthing IoM

Then Gordon Brown talked about 'putting morality into the market'. The PM needs first to put morality back into his government, the Treasury & the Ministry of Justice that has responsibility for the IoM as a Crown dependency.

What about Tony Brown? Is he going to do put morality into his government & the offshore fiancial institutions that keep the IoM economy alive? I guess not, but until he does those who were hoodwinked will go on telling the people of the world: "DON'T BANK ON THE ISLE OF MAN - it could ruin your wealth."


  1. So the hapless Lorraine has "always lived in Britain" and "always paid tax in Britain" but "signed for withholding tax on this deposit" rather than opting for automatic information exchange. Now why could that be, I wonder? And is this really the right example to feature in a lecture concerning "morality"?

  2. I would like to comment to Jims Blog even British Citizens, British Tax payers are caught up in this fiasco. We were savers with The Derbyshire Building Society, who sold us out to an Icelandic Bank, we did not choose to save with KSF it was forced upon us. We were not allowed to take out money out, they just sold us down the River. This was a 100% British owned Mutual building society, with a 100% BRITISH GUARANTEE.

  3. I don't like responding to people who hide behind 'anonymous' especially when they are insulting. I am far from hapless and my morals are quite intact. I understood that what I signed for was called 'withholding tax' perhaps this is wrong. I was given two choices - allow them to withhold the tax or make my own arrangements. I signed on the understanding that I was paying tax, that it would be fully declared to the UK authorities and any additional tax that was owed to the taxman would be claimed at year end. As far as I am concerned this is absolutely the correct thing to do. I have no wish to defraud and every intention of continuing to pay any taxes due. If anonymous you know otherwise then I stand corrected, however since not a penny of interest will be paid to me or the taxman it's somewhat hypothetical. So please don't question my morals. I can't speak for all depositors but I can speak for myself and I assure you that tax is paid on every penny on which it is due no matter when the money is earned/deposited. My tax returns for previous years will bear witness to this.

  4. We like Lorraine, signed to have tax stopped at source on our monies in The Derbyshire Building Society IoM, The Derbyshire's leaflets stated that the monies were 100% guaranteed as it was all part of The Derbyshire, a mutual building society where customers mattered, and on the British Isles. We were depositors not investors, no risk involved or so the Derbyshire staff said and brochures. The Derbyshire failed us we were in a fixed term deposit and The Derbyshire would not let anyone remove their monies. How fair is that? The Derbyshire should hols some responsibilty they sold us out to a bank who's parental guarantee was worthless. Our tax returns will also show that tax has always been paid on any income.