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Don't make international financial centres the scapegoat

Sunday 28 March 2010 - by Richard Hay


Is it in the interests of Western countries such as the UK and the US to pursue an agenda which damages their symbiotic relationship with the small finance centres which surround them?

The reputation of the UK's offshore centres for probity, professional skills and financial sophistication enables them to attract capital from around the world. Such capital is then substantially directed into the UK, European and US capital, banking and securities markets.

Capital goes where it is welcome, of course, so the erection of US or EU barriers to trade with international financial centres could steer their allegiances towards Asian, Middle Eastern or Latin American markets. Who will suffer most if Western countries' relations with their financial centre territories are damaged?



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