The Lord Mayor of the City of London, Alderman Nick Anstee, has
endorsed Guernsey as an International Finance Centre (IFC) during a
recent visit to the Island.
Alderman Anstee was in Guernsey to meet with senior politicians
and business leaders. He commented that the Island is a "very
confident" and "professional" IFC which "is an
integral component of the financial services operation that is the
City of London."
"I can begin to understand how the organisations such as
the OECD and the IMF have endorsed the quality that exists within
this centre," added Alderman Anstee.
The Lord Mayor started his day by meeting with senior
politicians, including the Chief Minister, Lyndon Trott and the
Commerce and Employment Minister, Carla McNulty Bauer.
The Chief Minister said: "It's always enjoyable
speaking to someone as knowledgeable as the Lord Mayor about
financial services. It was a great opportunity to debunk some of
the myths and misconceptions that simply don't hold water. One
of the things we talked about today is the old image of Guernsey as
a tax haven; we are not, we are low tax jurisdiction that has a
crucial part to play in international financial services. I
believe, as the Lord Mayor has identified, that we have been able
to show him with complete clarity the significance of Guernsey to
the City of London and vice versa."
The Lord Mayor also met with representatives from Guernsey
Finance – the promotional agency for the Island's
finance industry, the Guernsey Financial Services Commission
(GFSC), the Channel Islands Stock Exchange (CISX), the Guernsey
International Business Association (GIBA), the Guernsey Chamber of
Commerce, the Guernsey branch of the Institute of Directors (IoD),
and visited law firm Carey Olsen.
Peter Niven, Chief Executive of Guernsey Finance, said:
"The Lord Mayor plays a pivotal role in promoting London and
indeed the UK as a whole as an international financial services
centre. It is therefore important for us to make sure he is fully
informed about Guernsey and in particular our links to the
"Having the chance to meet not just senior politicians but
also some of the industry practitioners will provide him with a
broader understanding of our value and will I am sure assist in
enhancing our relationships both at home and abroad. Indeed, I am
very much looking forward to joining the Lord Mayor during his
visit to Beijing and Shanghai in September as this is an area where
there is substantial potential for us to work together to mutual
benefit – bringing business back from China to both the
City and Guernsey."
The visit came on the day that there was a discussion in
Westminster Hall on 'Offshore Financial Centres'. It was
led by the Rt. Hon. Mark Field, Conservative Party MP for the
Cities of London and Westminster, who opened proceedings by saying
that the debate over the role of small IFCs had been, to date,
"remarkably one-sided" and that "this is unfortunate
as it demonstrates a fundamental lack of understanding of their
function and the benefits they provide to the wider global
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, tax neutrality (not to be confused
with tax evasion) and also legal neutrality.
"It is for this reason that there has been a mutually
beneficial relationship between the City of London and many Crown
Dependencies and Overseas Territories," added Mr Field.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).