IFCs make considerable contributions to the economies of onshore territories. The United Kingdom is fortunate that so many IFCs are British Overseas Territories or Crown Dependencies. This has allowed the UK to develop especially-close ties with the IFCs – with close legal, cultural, and educational links and better financial and transport connections.
This increases the benefits that the UK receives from these territories’ financial and professional services sectors.
There are many misunderstandings in the world about the role of international financial centres. Damage to IFCs would hurt growth, investment, jobs, and pensions worldwide. The current shrill debate over the role of IFCs in the global economy risks unintended and unquantified consequences. We place the crucial benefits of IFCs for all of us in jeopardy at our peril.