Will the govt really crack down on Tax Havens?

“We agree… to take action against non-cooperative jurisdictions, including tax havens. We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over. We note that the OECD has today published a list of countries assessed by the Global Forum against the international standard for exchange of tax information.”

Those were the stirring words of the G20’s London Summit communiqué last month. In advance of the summit, Gordon Brown was keen to put himself at the vanguard of the heroic assault on those foreign resorts. “Old tax havens and the regulatory havens have no place in this new world,” he declared. So is his government going to start cracking down on tax havens?
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How Darling plans his ‘efficiency savings’

It’s a targeted programme of efficiency savings that will free up cash for investment in frontline services. Or it’s a devastating round of cuts that will damage public services and prolong the recession.

Take your pick, but don’t be surprised.

With immediate effect, the state must now change the way it works. Back office functions will be benchmarked. Procurement will be collaborative. Commercial potential will be harnessed. All adding up, we are told, to £15 billion. What will it mean?
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