A fox in charge of the chicken coop

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I had a bit of a Sunday Times weekend. I was in twice, once for the new TJN report “Where on earth are you?” , the second a comment on a story about Paul (Lord) Myners, appointed a minister last autumn to tidy up the City.

The Sunday Times alleges that:

THE government minister in charge of stamping out corporate tax avoidance has himself set up a business in the tax haven of Bermuda. Lord Myners, already under fire for approving Sir Fred Goodwin’s massive pension from Royal Bank of Scotland (RBS), was part-time chairman of an offshore company which avoided more than £100m a year in taxes.

Details of Myners’s involvement in Aspen Insurance Holdings (AIH) have emerged as Gordon Brown seeks to win the backing of heads of government to prise open tax havens at a meeting of the G20 in London on April 2.

They suggest his company saved more than £100 million in tax — and before those from Bermuda protest I’d add I did not offer the tax advice on this article — that came from a Big 6 firm of accountants.

My concern was different. I remain very worried that the likes of Myners, Turner and those running the bank bailout are all from the old mind set of finance — and that their aim is to, as I out it, pout Humpty Dumpty back on the wall again.

I will be honest: I do not think that either possible or desirable and as such I am not confident that these are the right people to be running the reform programme. New thinking is needed. I’m not convinced they can provide it. It doesn’t mean I share all the Sunday Time views on this issue — I don’t — but I do think real change is needed.


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