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39/09

21 April 2009

Michael Foot publishes progress report

Michael Foot has today published a progress report on his independent review of British offshore financial centres.

Michael Foot was asked by the Chancellor of the Exchequer to conduct a review of the long-term opportunities and challenges facing the British Crown Dependencies and Overseas Territories as financial centres.

The interim report summarises initial discussions with British Crown Dependencies and Overseas Territories on a range of issues facing

British offshore financial centres in the current economic climate, including:

The next stage of the review will involve a wider consultation, providing an opportunity for all interested parties to contribute to the review.
Fuller conclusions will follow later in the year, and further details on the timetable and framework for the review will be made available in due course.

Notes for Editors

1. The progress report can be found at: the Treasury’s website

2. The full terms of reference were developed following consultation with the Governments of the Crown Dependencies and Overseas Territories and are available on the Treasury’s website

3. The PBR announcement of this review can be found at paragraphs 3.55 and 3.56 of the PBR . The Chancellor’s speech is also available.

4. Only those Crown Dependencies and Overseas Territories with significant financial sectors are included in the scope of the review. In scope are: Jersey, Guernsey, Isle of Man, Bermuda, Cayman Islands, Gibraltar, Turks and Caicos Islands, British Virgin Islands, Anguilla. Out of scope are: Falkland Islands, Montserrat, South Georgia and the South Sandwich Islands, British Antarctic Territory, British Indian Ocean Territory, Sovereign Base Areas of Akrotiri and Dhekelia, Pitcairn Islands, Saint Helena.

5. Crown Dependencies' and Overseas Territories' reaction to the announcement can be found on their websites: Jersey , Guernsey , Isle of Man  and British Virgin Islands

6.  UK Government is committed to working with international partners (including Crown Dependencies and Overseas Territories) in seeking global solutions to current economic circumstances. UK’s international engagement has been guided by The Prime Minister’s 5 principles of transparency, in relation to risks and balance sheets; integrity, and the absence of conflicts of interest in the system; responsibility of management for the risks they undertake; sound banking practices, with respect to risk and capital adequacy; and coordination across borders in recognition of global markets.

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