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MP's vote of confidence in offshores

A member of the United Kingdom parliament is defending the contribution offshore centres make to the British economy.

Writing on the Financial Director website, London and Westminster's Conservative member Mark Field says jurisdictions such as the Isle of Man, Jersey and Guernsey have been taking unfair criticism in the UK. 

He says many small centres are stable, well-regulated and neutral jurisdictions which provide liquidity and investment opportunities to Britain. 

Mr Field also dismisses claims the offshores engage in harmful tax practices, saying the The Foot Review showed that's not the case.

And he says the Isle of Man is currently among the highest rated jurisdictions globally for complying with international standards.

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