Osborne wants tax paid in the UK’s tax havens without harming their finance industries, and that’s just not possible

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George Osborne gave his mid term report on the Crown Dependencies today, saying:

British overseas territories “need to do more” to end tax evasion.

Asked about the future of tax havens such as Jersey or the Cayman Islands, he said he had already been very tough in his message to them but wanted to see more action.

“Of course you have to respect that many of these territories have important industries and we don’t want to unnecessarily damage them.

“But it is necessary to collect tax that is owed and it is necessary to reduce tax avoidance and the crown dependencies and the overseas territories need to play their part in that drive and they need to do more.”

All of which sounds like huff and puff to me: he doesn’t want to harm the finance industry in these places but does want tax paid. The two goals can’t be reconciled. Which one gets priority George?