In a submission to the OECD's review of offshore financial centres, Colin Powell, Jersey's ranking civil servant, said: 'It is not the island that has made itself more and more attractive; it is the relatively high tax structures of the main industrial countries that have made them relatively unattractive. If Jersey's low-tax regime is harmful, then so too must be the regional and industrial aid policies pursued by the G7 countries and EU and OECD member states.' Mr Powell pointed out that the island's tax regime dates from 1940 during the German occupation - it was not Jersey that had changed (oh, how true) but the other countries around it. This is much the strongest public statement to have come from the island during its defence against the current 'politically-correct' offensive being waged against IOFCs by the big battalions of the world's top economic powers.
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