UK MPs to pull debate on Channel Island assets

UK politicians are set to pull their debate on plans to force the Channel Islands to reveal who owns assets in the islands.

The beneficial ownership proposition was described as "misguided and wrong" by finance leaders here.

In a joint statement the governments of Jersey, Guernsey and the Isle of Man say all of the Crown Dependencies observe the highest standards of financial services regulation and transparency.

The Chief Ministers of Jersey and Guernsey were in London today to try to persuade MPs to reject the law.

It was due to be debated in the House of Commons this evening.

In a tweet, Labour Jonathan Reynolds MP for Stalybridge and Hyde announced the change saying 'this has nakedly been pulled to prevent the Govt being defeated'.