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Overseas territories invited by Cameron to pre-G8 conference

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The Isle of Man, Jersey and Guernsey have all confirmed that they will join the Multilateral Convention on Mutual Tax Assistance. However, according to the Financial Times, the Overseas Territories are reportedly unhappy over the manner in which the British government has tried to force the issue on them, and claim they have not been given sufficient credit for the progress they have made.

The Crown Dependencies have agreed to fight tax evasion by signing up to the convention, causing tensions between Downing Street and the British Overseas Territories, such as the British Virgin Islands, that have yet to agree. Prime Minister David Cameron is pushing for Britain’s offshore tax centres to sign up to the treaty before the G8 summit on 17–18 June. The leaders of the offshore jurisdictions have been invited by the prime minister to a pre-summit conference on tax, trade and transparency to be held on Saturday to ‘showcase the progress [they] have made’.