Will the UK government back down over Falklands oil fields?
The political climate regarding the Falklands has changed somewhat over the last couple of weeks with the Argentinian government making yet another attempt to claim the island and its surrounding waters. While at this point in time it is unlikely there will be any military action between Argentina and the UK there is no doubt that relations are now at a record low. So will the UK government be prepared to negotiate the potential oilfields around the Falklands?
Argentina has taken its argument to the United Nations and has the backing of a number of South American countries and political associations. Pressure is mounting on the UK to at least agree to sit around the negotiating table although this would be a very damaging move for the UK government in the eyes of the UK electorate. It will be interesting to see whether any major countries come to the rescue of the UK as the Obama regime has already confirmed it will take "no position" in this particular argument.
There is potentially millions if not billions of pounds of oil ready to be extracted from the waters around the Falklands. Whether the UK government would be able to claim all of this income and all of the potential oilfields remains to be seen.
Share this..
Related stories
G20 moves from fiscal stimulus to austerity
George Osborne has been attending the latest G20 meeting where the focus has shifted from financial stimulus to austerity. There has been a loud call for all governments around the world to rein in their spending plans and budget deficits to try and rebalance the worldwide economy. It seems that world leaders have now recognised the fact there is no bottomless pit for a long-term fiscal stability...
Read MoreTax avoidance and tax planning are two separate issues!
As the UK government continues its quest to grab upwards of £500 million in overdue taxes on undeclared overseas bank accounts, the subjects of tax avoidance and tax planning are in the headlines. While many people may be slightly confused as to the difference between tax avoidance and tax planning there are many subtle and important differences which need to be addressed.
Tax avoi...
Are Liberal Democrat MPs putting the coalition at risk?
This weekend's revelation that yet another Liberal Democrat MP has issues in his private life which would appear to be different to those presented to the public has cast a dark shadow over the Liberal Democrat party. While the Liberal Democrat MPs in question are not the only ones having private life issues in the Houses of Parliament it is the very fact that the Liberal Democratic Party attempte...
Read MoreDiageo and Unilever sound alarm bells over UK taxes
Despite the fact that the UK government has forged very strong relations with businesses in the UK over the last decade the ongoing crusade to increase tax income for the authorities looks as though it could seriously backfire. Diageo and Unilever, both multinational companies, have today sounded the alarm bells for the UK government suggesting they would look at possibly moving overseas unless th...
Read MoreUK tax authorities confirm 27 MPs under investigation
The UK tax authorities have today confirmed that 27 members of Parliament are currently under investigation regarding their expenses. Not only are MPs under pressure from an internal parliamentary investigation into expenses, but the tax authorities are also investigating whether any tax laws have been broken by the 27 MPs in question.
In a rather interesting development, the tax au...