UK Media Attitudes Towards Guernsey Must Change, Says GPA Chief

by Jason Gorringe, Tax-News.com, London

11 August 2003

John Bridle, Chief Executive of the Guernsey Promotional Agency, has expressed dismay at the way in which the island is portrayed by sectors of the UK press, and has said that attitudes must change.

In particular, Mr Bridle is exasperated at the constant and rather hackneyed use of the phrase 'tax haven' in media reports referring to the Channel Islands, and objects to accusations that Guernsey's financial centre operates under 'a veil of secrecy'.

"If we are an international finance centre, we expect to be in the news," Mr Bridle stated in a recent Guernsey Press report "but stereotypical language must be changed."

Compared to other 'offshore' jurisdictions such as Switzerland, Guernsey is much less secretive, Bridle explained, observing that "there is a balance to be struck between disclosure and respect for others and that is different from secrecy."

The GPA chief is also dismayed at the often glaring inaccuracies contained in press reports about the island, citing one recent example from the Observer, which reported that Jersey, Guernsey and the Isle of Man remain on the OECD's 'blacklist' of unco-operative jurisdictions. Following a letter from Jeffrey Owens, head of the OECD centre for tax policy and administration, the paper was forced to print a correction.

According to local press reports, Mr Owens' letter pointed out that the Channel Islands' regulatory systems are very similar to that of the UK, and suggested that "instead of stereotyping all offshore centres as badly-regulated, there should be recognition for good practice."

Mr Bridle acknowledged however, that the reporting of the island's financial sector in the specialist financial press is usually very accurate. "There is very little mis-reporting in the specialist financial papers [such as International Money Marketing]- the problems come from the national press," the Guernsey Press and Star quoted Mr Bridle as announcing.

"Journalists in the UK particularly seem to have a set of words and attitudes they apply as soon as Guernsey is mentioned, which is bad for our finance industry," he added, conceding that it may take as long as two decades to change attitudes.

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