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HM Treasury Review

28 November 2008

Jersey’s Chief Minister has today (Thursday 27 November) met the Parliamentary Secretary of HM Treasury, Lord Myners, and the Parliamentary Under-Secretary of the Ministry of Justice, Lord Bach, to discuss the review of Crown Dependencies and Overseas Territories which was announced by the UK Chancellor in his Pre Budget Report on Monday.

Senator Frank Walker said: - “Today’s meeting has clarified the parameters of the review. Most importantly it was confirmed that it will only look at fiscal arrangements to the extent they affect stability and sustainability. It will not look at taxation rates, nor will it consider any change to Jersey’s fiscal autonomy or the constitutional relationship with the UK.

It will be looking at financial supervision and transparency, financial crisis management, and international co-operation.

Who will undertake the review has not yet been finalised but we are advised that it will be an individual of high standing and credibility with a comprehensive understanding of financial services, who will operate independently of HM Treasury.”

The review will start with the Crown Dependencies and will then move on to the Overseas Territories. It will be separate from the Treasury Select Committee’s report into Offshore Financial Centres.

Senator Walker added: - “It was a very helpful meeting with Lord Myners, who described this as a positive opportunity for us to put forward our case. We will co-operate fully with the review, and we welcome it as a chance to show the strength of Jersey's regulatory system and the extent of our international co-operation and transparency.

“I am pleased there is a recognition of the importance of maintaining economic stability and I feel reassured by the Treasury’s commitment to work with us to minimise concerns.
We see this meeting as a very constructive and helpful start to this review and confirmation of continued collaboration with the UK government at a time of international uncertainty.”


ends-


Notes to Editors:
1. For further information, please contact Senator Frank Walker on 07797 715779.
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