LIBERAL Democrat Treasury spokesman Vince Cable MP has a reputation for having his finger on the pulse as far as economic matters are concerned. Indeed, he is credited by some with forecasting the present banking crisis, having drawn attention to the expanding credit bubble as long ago as 2003.

But it seems that Mr Cable has a blind spot. It was reported in the Mail on Sunday that he had attacked Jersey, claiming that it was an unco-operative tax haven with weak financial regulation.

Quite rightly, there was a rapid response from Chief Minister Frank Walker, who accurately pointed out that the Island is a world leader in terms of financial regulation. In addition, far from being an unco-operative jurisdiction, we have won respect for our willingness to work with overseas authorities to help stamp out financial crime.

Had Mr Cable done a little research, he would also have discovered that the Island has recently signed a whole series of agreements with a wide range of countries to guarantee the exchange of tax information.

The message that Jersey should not be mentioned in the same breath as the world’s less scrupulous offshore centres is a simple one – not least because there is ample evidence to support it. However, if Mr Cable’s misinformation is at all typical, it appears that influential political figures are still failing to heed what is being said.

But the Island’s protestations concerning probity are likely to be reinforced very soon. Later this month a delegation from the International Monetary Fund is paying a visit to see our finance sector at first hand and to assess the quality of regulation.

Although we shall have to wait until the IMF publishes its report to be certain that it shares our view of the Island industry and the controls applied to it, we can be confident that there are no dark secrets that we are desperately trying to hide.

Meanwhile, it would be no bad thing if Mr Cable were on the IMF’s mailing list so that he can see the assessment for himself and, in future, speak with authority and not on the basis of half-baked gossip.