The government has today announced a review into the long-term opportunities and challenges for the UK's crown dependencies and overseas territories as offshore financial centres. Announcing the moves during his pre-Budget report, chancellor Alistair Darling said the decision was brought on by the recent financial turbulence that highlighted potential problems with overseas territories and crown dependencies, such as the Isle of Man and Channel Islands. 'They attract banking customers with lower taxes - without contributing to the UK Exchequer. 'But at times of stress, depositors need to know who will compensate them. The British taxpayer cannot be expected to be the guarantor of last resort. 'So I have asked for a review of these regulatory arrangements, which will report to me in the spring,' said Darling. The review is set to allow government and its offshore territories to take a considered look at the position of the UK's offshore financial centres in the global economy. The review will cover financial supervision and transparency, fiscal arrangements, financial crisis management and resolution arrangements, and international cooperation. The review will not consider changes to the UK's constitutional relationship. The review's interim conclusions will be announced at next year's Budget with fuller conclusions announced later in 2009.