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  1. ITV Report

Chief Ministers reject Channel Islands' 'tax haven' label

Guernsey and Jersey's Chief Ministers Photo: ITV Channel TV

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.

Gavin St Pier, Guernsey's Chief Minister. Credit: ITV Channel TV

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".

What's the story here? Wealthy people decide legitimately to leave the UK and go somewhere that charges them less tax. So what? There is no story there.

– Gavin St Pier, Guernsey's Chief Minister

Guernsey's Chief Minister accused UK politicians of "hypocrisy" and said the UK is the "biggest tax haven" for rich people.

John Le Fondre, Jersey's Chief Minister Credit: ITV Channel TV

Jersey's Chief Minister told ITV Channel TV that Jersey is "exceptionally well regulated" and claimed Jersey funnels investment into the UK.

We are of significant value to the United Kingdom. We act as a conduit to facilitate investment into the United Kingdom.

– John Le Fondre, Jersey's Chief Minister

On Monday, a debate into a bill that would have forced Guernsey and Jersey to reveal who owns assets in the islands, was cancelled.