French President's u-turn welcomed

Speaking at the event in Cannes, Nicolas Sarkozy unveiled a list of what he deemed "tax havens”, which excluded the Isle of Man.

President Sarkozy has been a stern critic of offshore activity in the past, often confusing the Island’s crown dependency status.

In addition, the G20 published a ‘white list’ of the world’s eight leading countries for tax transparency and efficiency, in which the Isle of Man appeared alongside the likes of Australia, Japan and France.

Chief Minister Alan Bell called the news a "major step forward” and said the G20 summit had been "very good” for the Island’s reputation (see audio).