The briefing from Stephen Timms was positive. He clearly expects a result on tax havens.
He said there was ‘lively discussion’ — for which read disagreement.
He said ‘the era of banking secrecy is over’ and ‘tax information does need to be exchanged.’
He was emphatic — commitments are not enough to avoid blacklisting — and blacklisting will happen, but probably not today. It will actually be a black, shades of grey and white list as I understand it.
He says the Summit will address the need for commitment.
He also, very refreshingly, made clear it is government view that the opacity of tax havens did directly contribute to the crash in confidence between banks that precipitated the current crisis.
He finished with “I am expecting sanctions and in due course a listing.”
As I suggested this morning.
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“it is government view that the opacity of tax havens did directly contribute to the crash in confidence between banks that precipitated the current crisis.”
No news here – it has been clear for some time that the government view is that the current crisis is the fault of everyone in the world except the government (and probably Bob Geldof).
There must be no exceptions on this. I know it has been reported that some of the G20 want certain “favoured” satellites to be exempted from blacklisting and sanctions, but we must not have that. All that would happen is that the hot money and dodgy business would go to these “favoured” places.
The offshore centres that were sanctioned would say it was unfair and they would be right to do so.