The government has appointed Michael Foot, currently chairman of the UK office of Promontory Financial Group, to lead the independent review of British offshore financial centres announced at pre-Budget report 2008. The review is set to look at the immediate and long-term challenges facing British offshore financial centres in the current economic climate, including financial supervision and transparency; taxation, in relation to financial stability, sustainability and future competitiveness; financial crisis management and resolution arrangements; and international cooperation. The Treasury said that existing constitutional arrangements in place across these territories will continue to be respected, including their independence in fiscal matters and the setting of their own rates of taxation. The government's Financial Services Secretary Paul Myners said that Foot brings significant experience in financial regulation to this task. 'Offshore financial centres must play a responsible role in the global financial system. This review will take a serious and constructive look at the challenges these centres face in the current economic climate, and how they can best respond to these,' said Myners. The minister for the Crown Dependencies, Lord Bach, said: 'This review is an opportunity for the Crown Dependencies to demonstrate their strong track record in the regulation of their financial services industries. The review will allow the Crown Dependencies to participate in an open debate about how they can best be equipped to withstand the current difficult economic climate without calling into question their constitutional arrangements. In this regard, I am pleased to see that the review specifically excludes constitutional change from its scope.