“The increase in the Annual Investment Allowance and doubling of the UK Export Finance Initiative is welcome news in particular and will promote investment to UK industries. We expect to see a positive impact on Jersey’s strong and growing funds sector as a result.

“£560 billion of foreign investment into the UK comes through Jersey and the Island intermediates almost one pound in every twenty of investment by foreigners into the UK, so the Chancellor’s boost for those seeking to invest is welcome news for both Britain and Jersey alike.”

Commenting on specific proposals to tackle abusive tax avoidance, where individuals now disclosing tax voluntarily in the UK will be required to pay their taxes up-front, Cook added:

“We fully support the measures outlined by the Chancellor in today’s Budget to tackle abusive tax avoidance. Today’s announcement that registered tax avoidance schemes in the UK have fallen by half under the current Government shows above all else that significant progress is being made, and Jersey is pleased to have played a key role in making this a reality.

“Jersey strongly supports the extensive work being done to bring an end to tax lost through abusive avoidance at an international level. Jersey has long supported the development of global standards on tax information exchange and, along with the European Union and wider G20, believes this is crucial to deliver the results the UK Government is seeking to achieve in the long-term.

“Jersey will continue to work with the UK Government in its efforts to create a global framework for addressing concerns around abusive tax avoidance and evasion.”

To read more on the UK's Budget 2014 statement, please click here