DAVID Cameron's assertion that the Crown Dependencies are not tax havens has been well received.
In a speech given to the House of Commons, the Prime Minister said: 'I do not think it is fair any longer to refer to any of the Overseas Territories and Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems.
'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.'
Guernsey's chief minister, Deputy Peter Harwood, said: 'I welcome the Prime Minister's acknowledgement that the label "tax haven" is one that is not applicable to Guernsey.
'As the Prime Minister's recent letter to me recognised, Guernsey has shown leadership on tax transparency for a number of years, and continues to do so.
'Guernsey is not a tax haven, and nor is it a secrecy jurisdiction – it is a transparent and open international finance centre.'