Life's a lottery, even for Golddiggers!

Following the news in the last couple of weeks of over 120 redundancies in Bermuda (Bacardi -13, Citi Hedge Fund Services - 105, Bermuda Motors - 5), some revelations from a visit of the UK's Minister for Overseas Territories, Henry Bellingham, to the island, AKA our new BFF (Best Friend Forever), were very welcome.

Mr. Bellingham, or "Hen" as he is fondly known to us offshore offspring, had some really nice things to say about Bermuda, which we hope is not just lip service because he wants to hold our hand. He said that we could be a model for other Overseas Territories and that if anyone dared called us a "Tax Haven" in the playground rather than our proper name of "low-tax jurisdiction" then their ass is grass! I'm paraphrasing obviously.

Hen's visit came as the UK Government starts work on a new White Paper on the Overseas Territories.
One particularly interesting proposal that may feature in the report is that good causes in the OTs could start to benefit from funds raised by the UK National Lottery, which brings in a whopping $44 million a week. As a Brit living in BDA I can see this idea from both sides of the Atlantic and I have to say I don't think it's one of the best. Yes, that's a lot of money that could be shared across all corners of the UK - even the bits that aren't physically attached, but given the state of the UK's bank account, I'm sure that money, even ten-fold the money, could easily be spent on shore. Yes Bermuda has it's own challenges presented by the global economic meltdown but it is still pretty wealthy, home to the uber rich and the living is, comparatively, easy. And if it's not then you are probably less inclined to drown yourself at Elbow Beach than in the Thames, lets face it.

But even if this little windfall doesn't come off, there is hope for the Bermuda piggy bank yet. Britannia may rule Bermuda but Bermuda rules the waves apparently. Explorer Nick Hutchings is convinced that all that lies glittering at the bottom of the ocean is gold.

He is busy photographing the ocean floor around the island in the hope of confirming that rumours of 'yellow magnetic veins' than began with a submarine trip in the 80s are in fact true. As well as gold digging, he is also investigating whether the seas off Bermuda are home to black stalagmites that produce gold and copper ore or other valuable metal-rich rock that could be sold off a $40-275 for a ton of crust. Nick - if you need any help, I have my PADI certificate!!