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AmericasMarch 7 2005

Independence debate heats up

Bermuda is discussing whether to sever ties with the UK, with opinion sharply polarised. Mairi Mallon assesses the implications for the financial sector.
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There are “almost no positives” and potentially many negatives to breaking ties with the UK, is the response of the Association of Bermuda International Companies (ABIC) to plans by the government of the British possession to do just that.

In 1988, the centre-left Progressive Labour Party (PLP) administration was elected for the first time, on a mandate to make Bermuda independent. For its first five years in power, it let the issue lie, saying that it would be dealt with in due course. That time arrived last year when the PLP swept to power for a second term. Now the wealthy offshore financial centre, which is home to the world’s third largest insurance market and 13,500 international companies, is in the middle of a protracted debate about whether to go it alone.

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