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Economic Situation: Crown Dependencies

Volume 485: debated on Monday 15 December 2008

To ask the Chancellor of the Exchequer what the (a) remit and (b) primary objective of the review relating to Crown Dependencies and Overseas Territories announced in the Pre-Budget Report 2008 is. (240811)

The Chancellor has asked Michael Foot to conduct an independent review of the long-term opportunities and challenges facing the British Crown Dependencies and Overseas Territories as financial centres, which have been brought into focus by recent financial and economic events. All Crown Dependencies and Overseas Territories with financial centres are in scope for the review. This covers the Channel Islands, Isle of Man, Bermuda, Cayman Islands, Gibraltar, Turks and Caicos Islands, British Virgin Islands, and Anguilla.

The Review's objective is to consider how Crown Dependencies and Overseas Territories, whose economic models place a significant reliance on financial services, can respond in the long term to the new conditions created by the stressed economic circumstances of recent months. The terms of reference for the review have been posted on the Treasury website.