UK Tory defends offshore tax havens

| 03/11/2010

(Bloomberg): Offshore financial centers, also known as tax havens, send “massive capital flows” to London and are unduly criticized in the UK for secrecy and helping tax avoidance, a Conservative party backbencher has said. Mark Field, defending financial centers including Jersey and Guernsey at a London debate, said they had “endured political attacks” that demonstrated “a fundamental lack of understanding of their function and the benefits.” Tax haven critics have included U.K. Business Secretary Vince Cable, a Liberal Democrat and government coalition partner of Field. In 2008, before the coalition was formed, Cable said British banks that received taxpayer funds during the financial crisis, should close their units in tax havens.

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