What’s the difference between St Helena and a billionaire’s financial playground? Nothing, to judge by a jibe from the British Labour MP Denis MacShane.

In a Parliamentary Question on the recent overseas territories White Paper, he asked:

“Can the Minister confirm that there are two banks, mutual funds or tax-dodging offshore companies for every citizen of the Cayman Islands? Will the new White Paper deal with the fact that around the world the overseas territories and dependencies are seen as the tax evader’s paradise network?”

Alan Duncan, Minister of State for International Development, did not exactly rush to the defence of blameless territories such as St Helena and, come to that, Pitcairn Island, neither of which is known for large-scale financial grubbiness.

Instead, he gave a rather straight-laced response, saying he could “assure the right hon. Gentleman that DFID is not providing any financial aid to tax havens.”

(Source: They Work For You)