Ed Miliband Resigns After UK Election Loss

May 8, 2015

UK Labour leader Ed Miliband has stepped down after his party’s disappointing general election showing, multiple UK news outlets are reporting.

During his election campaign Mr Miliband had threatened to have Bermuda placed on OECD’s tax haven blacklist if we did not produce a publicly accessible central register of beneficial ownership.

Tweet sent by Ed Miliband following the election

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As the election campaigns got underway earlier this year,  Mr Miliband was reported to have sent a letter to Overseas Territories — including Bermuda — saying that within 6 months of the election of Labour government, they will be required to produce a publicly accessible central register of beneficial ownership.

“If any Overseas Territory or Crown Dependency does not meet this deadline, we will ask the Organisation for Economic Co-operation and Development [OECD] to put them on the OECD’s tax haven blacklist,” the Labour Leader said prior to the election.

Noting that Bermuda established a framework over 70 years ago requiring persons incorporating in Bermuda to provide central authorities with information on the proposed ultimate beneficial owner of a business, Finance Minister Bob Richards has previously pointed out that “there is currently no requirement in the United Kingdom for this information to be filed with a UK central authority.”

The Minister said that consultation with the industry concluded there is “overwhelming support for Bermuda’s present disclosure regime,” and that Bermuda should not move to the new model of regulation until its adoption by Canada, the UK and USA.

“Moreover, to do so without simultaneous similar action by competing jurisdictions would put Bermuda at a significant competitive disadvantage and severely damage our economy,” said Minister Richards.

Mr Miliband wasn’t the only party leader to step down, with Lib Dem leader Nick Clegg also resigning after his party suffered heavy losses, with the Lib Dems set to be reduced from 57 to eight MPs.

Results are still coming in from around the UK, however the Conservatives — led by David Cameron — are forecast to win enough seats to form an overall majority.

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Comments (19)

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  1. Raymond Ray says:

    Thank you “Jesus” for answering our prayers…That bie’ was a direct threat, “an accident waiting to happen” had he been elected :-(

    • PBanks says:

      When did Jesus become a political pundit? :)

  2. Redman says:

    At least most the UK voters saw through the Labour smokescreen.

  3. Kangoocar says:

    Congrats to the UK voters for your wise choice of voting for Prim Min Cameron!!! Obviously the last thing the UK needs as is the case in Bermuda, is a political party with the name ” Labour ” in it controlling our destinies!!!!

  4. hmm says:

    PLP take note…

    Its the economy stupid.

  5. Truth is killin' me.. says:

    Good…don’t mess with Bermuda or it’s people! You took LICKS!!!!

  6. J Starling says:

    The Conservatives now have a mandate for their proposed in/out EU referendum in 2017, and as things stand I fear there is a good possibility of the UK (based largely on the English vote) will chose to leave the EU.

    This, of course, takes Bermuda and our sister colonies also out of the EU. What would be the consequences for Bermuda and Bermudians of such a development?

  7. Inabermystylie says:

    HAHA…so happy he didn’t win!

  8. swing voter says:

    at least the UK electorate were smart enough to stick with what works. I hope we do likewise if the current government delivers on 50% of their economic promises….I hope

  9. ella says:

    THANK GOODNESS!!! That Guy Ed Milli wanted to start lots of trouble for us. Isn’t jealousy a b****?
    I am glad his feeling are hurt…

  10. bluebird says:

    @ starling and others,
    The UK economy under Cameron is growing,there unemployment is at 5.6%.
    It is by far the lowest in the EU which some unemployment figures are unbelievable.
    I thought that the UK population would vote for TAX AND SPEND but this time they must have thougt about things.

    • J Starling says:

      @ bluebird and others, I simply raised the question of the consequences, for us, of the UK choosing to leave the EU.

      I did not raise any other issues you refer to, although I do think your outline is rather superficial.

      So I’m unsure why you have chosen to address me in particular with your comment.

      • serengeti says:

        The UK has not “chosen to leave the EU”.

        • J Starling says:

          I did not say they had chosen to leave the EU.

          I said the new Conservative Government has been elected with a mandate to hold an in/out referendum on EU membership. And I asked what the consequences of a potential ‘out’ decision would have on Bermuda and our sister colonies.

          The question is on of ‘if’, not a statement that they had.

    • swing voter says:

      LOL or as our recent history goes….. LABOR = borrow + spend!

  11. aceboy says:

    Good riddance. This guy was seriously twisted in his views on Bermuda. He had every intention of shutting all the crown dependencies down all the while presiding over the biggest tax haven in the world….London, England.

  12. Terry says:

    And of course the Communist Marxist Stalinist (Starlingnist) comes to the rescue of the unions et al.

    Reminds me of the Bowl Weavel…………………….looking for a home.

  13. Oh,I see now says:

    Ed Milliband ex labour man
    You weren’t chosen at the polls it hurts I understand.

    From your mouth you did demand from all territorial land
    Either fall into place or fined yourselves banned.

    I guess in the end there’ll be no line in the sand

    No line to cross due to a Conservative stand.

    Don’t look for my sympathy,to you I wouldn’t extand

    This all may have happened
    Did in by ones own hand.

  14. Joel says:

    Ok, so conservatives party of enterprise and business, entrepreneurs and self made. Labour the party of the unions, hand outs and socialism, not friendly to business and enterprise. Now don’t we have similar parties here?