The UK Government's "prejudiced" view of offshore centres and its general misunderstanding of the industry could harm London's position as the international finance capital, ex shadow chief secretary to the Treasury Howard Flight warns.
Flight, who held the post from 2000-04, says the Government doesn't understand how offshore works and irrationally discriminates against perceived tax 'havens'. Speaking at the International Investment Conference on Wednesday, he said: "If you mess around with them [Crown Dependencies] you will damage London itself as companies will move offices and products to other places." Flight describes the Dependencies as "duty-free zones of London" and argues seducing international business people though attractive tax conditions in the UK was key in rebuilding London as a financial capital in t...
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