Downing Street Says » Investment Banks

» Wednesday, October 1, 2008

Investment Banks

The PMS clarified that it was not true that No10 had hired UBS or Rothschilds as was confidently inserted in the Daily Mail this morning. Asked if there was any confusion caused by UBS or Rothschilds working for No10 in another capacity, the PMS said that there was no such confusion.

Lots of investment banks and others on their own initiative submitted advice to the Government and pitched ideas to No10 and the Treasury. There were meetings with all sorts of people, but that was very different form No10 hiring named investment banks, independent of the Treasury, which was the very strong but inaccurate accusation made in the Daily Mail this morning. Asked if No10 had hired any investment banks, the PMS said that we hadn t and nor did No10 intend to hire any investment banks.

We were working hand-in-glove with the Treasury. As people would expect, the Prime Minister and the Chancellor were meeting several times a day and the Treasury were very much in the lead.

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