Guernsey and Jersey's Chief Ministers have rejected the labeling of the Channel Islands as a "tax haven" by a national newspaper.
The Times has published an investigation into the number of British billionaires living in "tax havens", including the Channel Islands.
It criticises the UK tax system and its loopholes which allow Britons to live offshore.
In an interview with ITV Channel TV, Guernsey's Chief Minister, Gavin St Pier, strongly rejected the paper's claim - calling them "cheap and easy headlines".
Guernsey's Chief Minister accused UK politicians of "hypocrisy" and said the UK is the "biggest tax haven" for rich people.
Jersey's Chief Minister told ITV Channel TV that Jersey is "exceptionally well regulated" and claimed Jersey funnels investment into the UK.
On Monday, a debate into a bill that would have forced Guernsey and Jersey to reveal who owns assets in the islands, was cancelled.