I gather that the recently announced review of UK tax havens is to be run by Michael Foot, a former Bank of England and FSA person.

I'm sure he's an honourable person, but this does not fill me with hope. As Colin Powell of the Jersey Financial Services Commission told me today, for we were at the same meeting, he believes this will be just another review of whether Jersey financial regulators comply with the obligations imposed upon them by existing rules.

If that is all it is then this is a waste of time. Candidly, I think we can now all agree that they're adept at doing just that and that we get nowhere as a result because the rules are inappropriate. If this review does not look at the rules that should be in operation, and not compliance with the rules that are in operation then it misses the point, entirely.

But I will continue to live in hope for the time being.