Ex bank of england governor to speaker at diggers debate
LONDON: The “great and the good” may be on their way to Europe – as England’s finance minister is due to attend a crucial fund-raising debate next week at which a slew of British banks, including Lloyds Bank, HSBC and BNP Paribas, will be expected to answer tough questions about their activities in Britain.
Bank of England Governor Mervyn King will give his address at the three-day gathering at Edinburgh’s Gaiety Hotel on Saturday and Sunday, which is being billed as an opportunity for bankers and other members of the financial services community to speak out against illegal tax avoidance by Britain’s big four financial services firms.
The bank governor is expected to raise concerns about London’s banks and urge the UK’s financial and fiscal union to move beyond a dysfunctional tax system which forces firms to hide their tax liabilities, and to increase regulation to ensure fair and efficient taxation, said an official familiar with the topic.
In March, a group of leading British bank bosses gathered in London to make their case for Britain to join the International Monetary Fund (IMF) and the European Union.
The meeting in the Scottish capital was to raise money for pro-austerity Conservative party political groups. But instead of debating a united front against tax avoidance, King, who has already voiced support for reforming EU banking rules, will have “an opportunity” to raise more objections to the sector, one of his officials said.
King and George Osborne, the prime minister, have already publicly condemned illegal international tax avoidance by banks including HSBC, and Britain’s largest private bank, Barclays, last year.
King has been a vocal critic of tax dodging since at least 2008 and was one of the driving forces behind the push on behalf of Britain’s banks to enter the British market from Hong Kong, an American trading hub.
But this week he was again asked about banks which were present at the meeting and answered tough questions by bankers, with one even accusing banks of cheating Britain by paying little or no taxes.
While the debate may sound like a campaign event, King’s vi더킹카지노sit to the capital was timed for the end of Parliament and coincides with the annual gathering of the International Federation of Red Cross (IFRC), a member-based NGO that aims to promote international humanitarian aid.
“His visit will r우리카지노aise concerns about cross-border tax avoidance between Britain and the EU, given the EU is the largest contributor t바카라사이트o both of London’s sovereign wealth funds and has a veto o