Chancellor announces new business-government forum on tax

29 April 2008

Alistair Darling, speaking at a Chatham House conference, announced plans for a new business-government working group on tax that would look at the long-term challenges facing the UK tax system and ensure competitiveness remains at the heart of any future reforms. He said that we need to protect revenues in an increasingly global market place whilst at the same time promoting the competitiveness of our businesses.

The Chancellor of the Exchequer was speaking at a conference on 'New Financial Frontiers' organized by Chatham House and hosted by Bloomberg. He also said that banks, boards and shareholders need to look at their governance arrangements in light of the recent crises in the financial markets. Mr Darling said that the first line of defence lies with directors and that the search for more and more 'exotic products' is often undertaken without a proper understanding of risk.

At the same conference, David Nason, Assistant Secretary for Financial Institutions, US Treasury, said that whilst more regulation may go some way to ease disruptions, like the one global financial markets are encountering now, it can't prevent them entirely. He also outlined US Treasury proposals for a 'market stability regulator' to more effectively assess risk and implement action for change.

Notes to editors:

The Rt Hon Alistair Darling MP, Chancellor of the Exchequer, and David G Nason were the keyote speakers at the conference City Series 2008: The New Financial Frontiers, organized by Chatham House and hosted by Bloomberg.

Read speeches here:

Contact:

Sean Armstrong
Press Officer, Chatham House
Tel: +44 (0) 20 7957 5739
Mob: +44 (0) 7849 853 757
Email

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