UK Debate Shows ‘Growing Understanding’ of Small IFCs

A recent discussion in Westminster Hall on 'Offshore Financial Centres' highlights a growing understanding among UK MPs of small International Finance Centres (IFCs), according to Peter Niven, Chief Executive of Guernsey Finance.

The Rt. Hon. Mark Field, Conservative Party MP for the Cities of London and Westminster, opened proceedings by saying that the debate over the role of small IFCs had been, to date, "remarkably one-sided."

He added: "This is unfortunate as it demonstrates a fundamental lack of understanding of their function and the benefits they provide to the wider global economy."

Mr Field said that centres such as Guernsey and Jersey are used for a variety of reasons, including their political stability and favourable economic outlook, familiar legal systems, high quality of service providers, a lack of foreign exchange controls, tax neutrality (not to be confused with tax evasion) and also legal neutrality.