The UK Prime Minister, David Cameron, has stated publicly in the House of Commons that he does not think it is fair to refer to Jersey as a tax haven.
The Prime Minister’s comments follow the progress made on tax transparency at the G8 and G20 summits, and come just weeks after the publication of an extensive report highlighting Jersey’s overall value to the UK economy, which was prepared by the leading independent firm Capital Economics, on behalf of Jersey Finance, with support from the States of Jersey.
Mr Cameron specifically highlighted the positive steps taken by Jersey and the other Crown Dependencies and Overseas Territories on international tax matters and he told MPs that the jurisdictions deserve support for the steps they have taken to promote transparency and fairness.
Responding to questions about his statement on the G20 summit in St Petersburg, Mr Cameron said: “I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems.’
He added: “It is very important that our focus should now shift to those territories and countries that really are tax havens. The Crown Dependencies and Overseas Territories, which matter so much — quite rightly — to the British people and members, have taken the necessary action and should get the backing for it.”
Responding to the comments, Geoff Cook, CEO of Jersey Finance, said: “The comments from the Prime Minister are not only extremely welcome, they demonstrate that there is now a recognition and understanding at the highest level of the UK government, of the standards achieved by Jersey and the other Crown Dependencies and Overseas Territories and also the value of Jersey to the UK, as a partner in international trade.”