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Page last updated at 10:59 GMT, Wednesday, 25 June 2008 11:59 UK

Island financial industry 'safe'

Guernsey's chief minister says he believes the island's finance industry is safe following a submission to an inquiry by a UK Government committee.

The Policy Council defended the industry after the House of Commons Treasury Select Committee announced an inquiry into offshore finance centres.

Financial services make up about 32% of the island's total income.

Chief Minister Lyndon Trott said the submission to the committee outlined how the UK benefited from the island.

He said: "I've little doubt having read our submission - and the authors have been very clear in their message - that we are an advantage to places like the City of London.

"We don't act to their detriment, and I'm almost certain that the treasury secretary will come to those conclusions."


SEE ALSO
Bank deposits reach record levels
26 Feb 08 |  Guernsey

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