CONSERVATIVE MP Mark Field has dismissed Labour Party leader Ed Miliband’s offensive on offshore tax jurisdictions including the Isle of Man as being ‘behind the curve’.
And the MP, who represents the Cities of London and Westminster, said the ‘evidence paints a very different picture’.
It was reported in the UK press at the weekend that Mr Miliband would demand that the UK Government forces Jersey, Guernsey and the Isle of Man to reveal the identity of British tax ‘evaders’ with money hidden on the islands.
The Labour leader will this week call for negotiations to begin with the governments on the three islands.
And he will also demand ministers follow up the talks with threats to shame the islands on the international stage by placing them on a globally recognised blacklist drawn up the Organisation for Economic Co-operation and Development (OECD).
Mr Field said: ‘Ed Miliband’s comments are behind the curve here and the evidence paints a very different picture.
‘In July last year the Isle of Man moved to automatic exchange of information under the EU Savings Directive putting it at the forefront of best practice in transparency and regulation.’
International bodies such as the OECD have repeatedly recognised the Isle of Man’s record of compliance.
‘It should also be noted that the Isle of Man takes a proactive approach to its international responsibilities and has a positive working relationship with the (UK) Government.’
Chief Minister Allan Bell hit back at Mr Milband’s comments, saying: ‘It seems the statement has more to do with his battle to establish himself as a credible leader of the Labour Party than a concern with the Isle of Man as such.’