WHEN Lord William Wallace, the Liberal Democrat peer, suggested that the time had come to question the fundamental nature of the relationship between the Crown and the Crown Dependencies, alarm bells rang in this Island.

And with good reason. Lord Wallace has made it clear that he does not believe that there is anything sacred or irrevocable about arrangements that are based on events which began unfolding 800 years ago.

His lordship’s comments promote the idea that links forged eight centuries in the past have little relevance in the here and now and that even the most recent analysis of the Crown Dependencies’ status, completed in the early 1970s, has outworn its usefulness.

His argument appears to be grounded in common sense – but no one should lose sight of the fact that all tangible evidence supports the view that far from being anachronisms, the privileges afforded to Jersey, Guernsey and the Isle of Man by the Crown suit both sides in the relationship very well indeed.

This is in spite of the many economic, social and political changes which have occurred down the years.

However, if Lord Wallace overstates the case for a fresh look at an ancient constitutional relationship by implying that its time is up, that is no reason for rejecting any inquiry that clarifies the present nature of the connection between the dependencies and the Crown – and hence the United Kingdom.

With this in mind, Islanders should not be alarmed by the announcement that a House of Commons select committee, chaired by Alan Beith MP, is examining how the UK represents the interests of the Crown Dependencies internationally. The committee’s terms of reference appear to fall far short of the root and branch investigation that Lord Wallace has in mind.

Although there has been little in the way of an in-depth investigation of this Island’s link with the Crown since the late 1960s and early 70s, when Lord Kilbrandon carried out the task, it is hardly surprising that the issue has, in a more limited respect, emerged at this point. When all is said and done, the economies of all three dependencies revolve around financial services, and the general malaise of banks, banking, credit and economic affairs in general are very much in the present political frame.

The islands and, indeed, those who live and work in them, have been offered the chance of making submissions to the Commons committee.

In doing so, we shall be able to emphasise what works well, what has stood the test of time and what might be changed only to the mutual advantage of all parties in the relationship.