The government has just issued a press release saying the following:
Fullerton Fund Management, a Singaporean based investment management firm, is in the process of establishing an office in London, and will shortly be applying for a licence from the Financial Conduct Authority, the UK's independent regulator.
Fullerton, which specialises in Asian and emerging market investment solutions, has made the decision to move to the UK following the launch of the government's Investment Management Strategy. This is clear evidence that the strategy, launched by the Chancellor at Budget 2013, is bearing fruit. It aims to increase the competitiveness of London as an asset management centre by delivering improvements to the UK's tax and regulatory environment alongside an overseas marketing campaign that has promoted the UK as an asset management centre across the globe.
Let's debunk this: what the government is actually saying is that its policy of promoting Tax Haven UK is proceeding apace.
How sad.
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Is this a bad thing. I can’t quite decide. If a UK fund manager moved activity to Singapore (often branded a tax haven) then I think that would be a bad thing – logic tells me that the opposite of that should be good. However, I get the impression you think its bad – what woudl teh solution be? Same tax rates everywhere?
I am questioning why we want to attract such activity to the UK when we know it is harmful