The Deputy Prime Minister has defended John Key over his connection to a company that specialises in foreign trusts.

LISTEN ABOVE: Bill English speaks to Larry Williams

The Prime Minister's pecuniary interest declaration shows he has a short term deposit with such a company, named Antipodes Trust Group Limited. But his office says his relationship is with his lawyer who runs the company, Ken Whitney, rather than with the company itself.

Although Mr Key has denied having any interests in foreign trusts, opposition parties, including New Zealand First Leader Winston Peters, believe this shows he does.

SEE ALSO: Key scolded by opposition over foreign trust revelations

However, Bill English told Larry Williams they're getting carried away.

"Because the Prime Minister has been successful in business and lived offshore for a while, the opposition are hoping that they can kind of smear all this stuff into 'mega-rich tax-dodger'.

"I can tell you when he became the leader of the National party, significant sections of the New Zealand media went through everything he'd ever done, spoke to everyone he'd ever worked with offshore because they were convinced they'd find something.

"So this guy has got a clean record. [He's a] Prime Minister of integrity, and you're dealing with a bit of a political beat up. I don't think he's too worried about it."

SEE ALSO: Tax expert's Bahamas link 'not a good look'

• Key refuses to cut ties with lawyer over foreign trusts link
• Tax expert's Bahamas link 'not a good look'

The credibility of New Zealand's tax review is also being questioned, after links were discovered between the expert in charge, and the Bahamas.

Our Government sent John Shewan to the Bahamas two years ago to advise on tax changes for its financial services, leading to accusations from the Opposition that he helped them continue to operate as a tax haven.

Labour leader Andrew Little said this undermines public confidence in the process to make sure we close any tax loopholes.

He said Mr Shewan is the wrong person to review the New Zealand system, as voters need to be sure the review has integrity.

But Bill English described Mr Shewan to Larry Williams as a "very experienced tax practitioner and experienced in dealing with the public policy issues around tax".

"It wouldn't have mattered who you'd appointed, conspiracy theorists are always going to say it was the wrong person.

"You're not going to find a tax practitioner anywhere who can say 'I've never been involved in advice about minimising tax paid to Governments.That's their job, that's what they're there for."

SEE ALSO: Key announces provisional tax reform

Bill English also spoke with Larry Williams about the rationale behind the provisional tax reforms for small and medium businesses, announced today by the Prime Minister, as well as average house prices in Auckland rising to $820,000 last month.