The recent decision by the International Monetary Fund to end the special monitoring of offshore financial centres was welcome news for Guernsey’s regulators and financial services businesses. It was a recognition that the distinction between offshore and onshore centres has become blurred and that regulatory standards in Guernsey and the other Crown dependencies bear comparison with those in London, New York and other large financial centres.

That is a great step forward, but it is unlikely to be the end of the pressure from European neighbours for further curbs on what they regard as tax havens on their doorstep. The European Union savings tax directive appears to be working smoothly, but there is a growing head of steam behind action to extend it further when it comes up for review next year.