Foot review gives opportunity
Thursday 23rd April 2009, 2:30PM BST.
AN independent review into offshore financial centres will provide Guernsey with an excellent opportunity to demonstrate that its financial services business generates substantial benefits to the UK, the local financial regulator said yesterday.
Michael Foot is leading the review and an interim report featured as part of Alistair Darling’s Budget.
One area it will explore is the dependence of the UK on the offshore financial centres and their reliance on the UK.
Guernsey Financial Services Commission director-general Peter Neville (pictured) said that his interim report contained no surprises.
‘I had lunch with Michael two weeks ago and he explained his approach to me at that time. He is visiting Guernsey next week and will be meeting the commission, the political authorities and representatives of industry to begin collecting the evidence for his full report.
‘His review provides an excellent opportunity for Guernsey to demonstrate that far from being a threat to the UK, Guernsey’s financial services business generates substantial benefits for the UK.’
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More Hogwash and codswallop!
GUERNSEY is most CERTAINLY NOT th safest place to deposit your savings.
Hunreds of people lost their life savings when Landsbanki Guernsey collapsed.
What did the Guernsey Financial Services & Goevernment officials do?
NOTHING more than say that THEY were in no way responsible.
Ha ha ha!
Guernsey… Deposits are safe?
NO WAY .. NO HOW.
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Substantial benefits to whom?
Certainly benefits in terms of cash being upstreamed.
Certainly benefits to tax avoiders (legal) and perhaps evaders. I mention evaders as more observers are regarding the witholding of taxes as possible evidence of intent to evade tax.
I don’t think many in the UK would see the provision of tax avoidance as a benefit to the UK.
No benefit to the UK tax system as a whole.
The only thing Neville is right about is the interim report contained no surprises.
If Peter Neville had read Private Eye he would have seen as for back as last December that the Foot report was not expected to rock boots.
If Mr Nville had read Private Eye he would also have known about the parlous state of Iceland and its banks rather than rely on and blame, the FSA for his lack of information.
Worthwhile readinghte Select Committee evidence
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