Tax havens like IOM have legitimate roles, says Tory MP

A Conservative MP has congratulated the Isle of Man on its moves towards financial transparency, adding "there is a legitimate role for tax havens".

Mark Garnier, the MP for Wyre Forest, was speaking in a Westminster debate into tax transparency in overseas territories.

During the debate last week, Mr Garnier said the Isle of Man has made commitments to greater transparency.

The Shadow Economic Secretary to the Treasury added there's nothing wrong with small islands providing financial services to grow their economies if they're doing it legitimately.