This article says that savers with the Isle of Man and Gurnsey sections of the failed Icelandic banks are campaigning to get the UK government to refund them their money.
This strikes me as odd. Guernsey is not part of the UK. The Prime Minister isn't its PM. It is an autonomous entity. And, furthermore, Guernsey does not pay UK taxes. It sets its own tax rates. As such, it seems strange that the UK taxpayer should bail out people who have invested outside the UK's jurisdiction.
It is the Guernsey and Isle of Man authorities who should, if possible, refund the depositors - not the UK. If they want to have a offshore finance industry, then they should shoulder the burden when things go wrong. They shouldn't expect the UK - a country whose tax system they undermine by being tax havens - to bail out people who have chosen to invest their money outside of UK jurisdiction.
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