Pendle MP, Gordon Prentice, is pressing for international action to deal with offshore financial centres, or tax havens.

The MP claims offshore centres are routinely used by companies and individuals to escape proper scrutiny and regulation.

Speaking from Westminster earlier today, the MP said: "The Banking Bill, introduced yesterday, will tighten up regulation and that is good. But it does not touch these offshore centres whose attraction to the super wealthy is secrecy, no taxes or very low taxes and non existent regulation. Even familiar UK financial institutions have operations based in Jersey, Guernsey, the Isle of Man and the Cayman Islands of this world. Clearly, this is something that is crying out for international action."

Yesterday, the Pendle MP quizzed the Chancellor of the Exchequer on the issue, saying that when Northern Rock was taken into public ownership there were doubts that its Channel Islands based arm, Granite, was covered.

The MP added: "Finance and banking is too important to be left to financiers and bankers. They need proper regulation and accountability."