GUERNSEY has been told there is nothing to fear from the UK-imposed review of the offshore financial services industry.

Chief Minister Lyndon Trott (pictured), who attended a meeting at HM Treasury in London yesterday, said it would be a collaborative exercise which would be to the island’s benefit.

He said that the meeting allowed him and his counterparts from Jersey and the Isle of Man the opportunity to discuss the terms of reference of the review and to have input into them.

He said he was able to gain an unequivocal assurance that the terms of reference will:

• expressly exclude constitutional issues from discussion;
• not in any way impinge on Guernsey’s fiscal autonomy or ability to set its own tax rates;
• consider the work the island has done in international co-operation issues with groups such as the International Monetary Fund and the Financial Stability Forum.

Deputy Trott said that the review will be carried out on a collaborative basis and dialogue will be continuing with HM Treasury. ‘We expect the detailed terms of reference and the name of the independent reviewer, who will have an extensive financial services background, will be released very shortly.’