Gibraltar, Jersey, Guernsey and the Isle of Man are meeting in London to consider the threat to their offshore centres from the OECD's report on harmful tax practices. The economies of the four UK dependencies in Europe depend largely on financial services.

Each territory has sent a delegation of four to the talks which are being held at the Gibraltar government office in the Strand, London.

The Gibraltar delegation is made up of the chief minister Peter Caruana, Trade and Industry minister Keith Azopardi, finance centre director James Tipping and Brussels office representative Michael Llamas.

Jersey is represented by its most senior politician, senator Pierre Horsfall, president of the policy and recourses committee and also by the Attorney General William Bailhache QC. Guernsey is also represented by its most senior politician, Deputy Laurie Morgan, president of the states advisory and finance committee, while the Isle of Man has sent its chief minister Don Gelling and Richard Corkhill, treasury minister. Each delegation is supported by two officials.

A Gibraltar government spokesman described the event as "a high level political and technical meeting" which will deal "with matters related to the OECD harmful tax practices report and other related issues."

The OECD listed 35 territories in their harmful practices report last June and threatened with taking action those which remained non-cooperative.

Gibraltar's chief minister said in September: "Government will have finalised the detail of its policy for remedial action by spring next year, given that as things stand at present we have to respond to the OECD by 1 July 2001. It is not impossible that these deadlines will be extended."