Michael Foot publishes progress report on British OFCs

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:

• financial supervision and transparency;
• taxation, in relation to financial stability, sustainability and future competitiveness;
• financial crisis management and resolution arrangements;
• international cooperation.
  

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.

Progress report of the independent Review of British offshore financial centres (PDF 387KB)