Crown Dependencies: Contributions

Lord Foulkes of Cumnock Excerpts

Thursday 1st July 2021 Lords Chamber

[Lord Foulkes of Cumnock (Lab Co-op)]

My Lords, is it not clear from the answers we have just heard, that the Crown dependencies are getting an increasingly good deal, but it is a bit of a one-way street? Is it not time to discuss with them their constitutional relationship with the United Kingdom?

[Lord Wolfson of Tredegar (Con)]

My Lords, the Crown dependencies have a long-standing relationship with the UK via the Crown, and the Government currently have no intention of reviewing their constitutional position. They are self-governing jurisdictions with democratically elected Governments. They are responsible for fiscal matters and set their own policies to support their economies, but they do so within international standards. It is in that context that they determine their own tax rates. They co-operate with us on taxation, fighting financial crime and countering terrorist finance, and they are committed to meeting international standards on tax transparency, illicit finance and anti-money laundering.