UK prime minister candidate defends using offshore bank

Added 8th July 2016

Using an offshore Jersey bank does not make you a tax avoider, UK prime ministerial candidate Andrea Leadsom has said.

UK prime minister candidate defends using offshore bank

Andrea Leadsom

In an interview with the BBC, Leadsom confirmed that she had taken out a mortgage with the Jersey branch of investment bank Kleinwort Benson.

She defended her actions, saying: “I had a mortgage, for which I shopped around for the cheapest deal. At the time it was being offered by a UK bank who booked it to Jersey.”

She denied that that made her a tax avoider or that it had been done deliberately. She said the bank first booked the mortgage in Jersey and then subsequently booked it in London.

Career confusion

Leadsom, one of the two candidates to replace David Cameron as leader of the Conservatives, has also faced criticism about her previous career in financial services.

Former colleagues have accused Leadsom of embellishing her job history and misrepresenting her experience, which she has strongly denied.

“I have not changed my CV. I have had 25 years in finance. I spent the best part of 10 years in BZW and Barclays and the best part of 10 years in Invesco Perpetual.

“I started life as a trainee broker on the London Metals Exchange working for a big American brokerage firm.”

Leadsom said: “My CV is incredibly varied and it’s all absolutely true… I have been very clear – I am not a funds manager. I was, in BZW and Barclays, managing huge teams of people and large budgets.”

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Neddyboggle

In my book, not being a fund manager adds to Mrs Leadsom's credentials for the top job.

Posted by: Phil Wilde, 08 Jul 2016

About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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