Rachel Reeves to celebrate budget in IOM-owned pub, says MP

A Labour MP says the shadow financial system is so "out of hand" UK chancellor Rachel Reeves will celebrate the budget in a Manx-owned pub leased to a Cayman Islands company.

During a House of Commons debate into financial transparency yesterday, Bolton West's Labour MP Phil Brickell said the Kinahan organised crime gang has used the Isle of Man to try to hide dirty money.

He said UK chancellors traditionally drink in a London pub called the Two Chairmen after their budget speeches.

But he said the pub is owned via the Isle of Man and leased a company based in the Cayman Islands, claiming it encapsulates the shadow financial system.