Obama against tax havens - Bell

The world's financial markets are in turmoil, and we must expect the problems to take their toll on the Isle of Man.

That warning has come from Treasury Minister Allan Bell, who says a downturn in global economies now seems a certainty.

Mr Bell says the Treasury is watching the situation closely, as around 70 per cent of the Island's revenues come from VAT agreement with the United Kingdom.

Mr Bell is also keeping a close eye on events in the United States, and Barack Obama's bid for the Democratic nomination.

He says there is concern Mr Obama (pictured) is against tax havens of any kind (audio file attached):

Allan Bell was speaking to Dan Davies on Talking Heads.

(Picture: Illinois Senator Barack Obama).