» Tuesday, August 28, 2007


Asked if there was a view from Number 10 about the best way to help stabilise the global financial markets, the PMS replied that the view from Number 10 was that the Treasury were in the lead on this. They had set out the Government’s position and that was the best way to deal with these issues.

Asked if there was any reaction to the Corporation Tax figures out today, the PMS replied that there was no specific reaction from us. Clearly measures were taken in the last Budget to simplify the Corporation Tax regime. Clearly action had been taken over many years to ensure that individuals and companies who should be paying tax, were paying tax. But on specifics it was better to speak to the Treasury.

Put that reports this morning show enormous growth in the ratios of earnings within certain industries, particularly hedge fund managers and private equity firms, and asked what the best was to approach this was, the PMS replied that the matter of awarding bonuses was a matter for employers rather than the Government. The City of London was a great strength for the British economy and clearly we would not want to do anything that would put this at risk.

Put that this was not simply a matter of economics, the PMS replied that lots had been done in terms of the reform of the tax and benefits system to improve the earnings and work incentives for people at the lower end of the income scale. And we would continue to take these forward.

Briefing took place at 11:00 | Search for related news

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