Thursday, 2 April 2009

G20 latest - early rumours

Ok, so there's some details sneaking out of the G20 discussions, and for those cynics out there, prepare to to feel justified by your view - the worlld has not, yet been saved.

However, "Big progress has been made" on tax-havens...apparently.

There is supposedly going to be something called "The OECD List" of tax havens. What is this OECD List? Well, as you may think, it's not a policy, it's not an action plan, it is a list of how countries are doing on the topic of tax-havens. Yes, there will be a breakdown of Good, Bad, and Middle with no other mention of how Bad countries willl be treated, or punished, so presumably there will be none.

First of all, this will do nothing to make a difference to the current problems we're facing. It just means everything on tax havens will remain the same but those who want to 'haven their tax', will have a brochure of where to go.

Also, and I've said this before, but why are they focussing on the pointless things such as tax-havens and bankers' bonuses? These things are small fry in the big picture and do not affect the markets and confidence. It may make people feel better, cos when the chips are down, there's nothing people like more than 'bashing the rich', but surely the politics of saying we're doing something to those nasty successful people doesn't make a difference (a real financial one, as opposed to a finding a scapegoat - Fred Goodwin, tax havens - one).

Any further rumours or follow.

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