Tag: 2000

The press release issued by HM Treasury on 11 October 2000.

Chancellor Gordon Brown today welcomed a new multi-million pound initiative as an essential step in bridging Britain’s digital divide, and said it would it be the first in a series of measures that will achieve the Government’s aim to put computers and the Internet within the reach of everyone.

The initiative, the details of which will be announced by Education Minister Michael Wills, will wire up the poorest communities, provide computers to every resident who wants one, and offer on-line services and free on-line learning. And one of the UK’s highest unemployment areas will be the first wired up community in a public private partnership to give every household a computer.

The new scheme has three aims:

• To bridge the gap between those with computers and those without, ensuring no-one is left out of the internet revolution;
• To boost opportunities to work and train in the poorest and most deprived communities; and
• To put the UK at the forefront of the IT revolution, as part of meeting the Prime Minister’s pledge to ensure everyone has access to the Internet by 2005.

Speaking at the UK Internet Summit today in London, Mr Brown revealed new and disturbing figures showing that whereas one in two of the richest families are now on the Internet, only one in twenty of the poorest families are linked up.

He outlined a plan to wire up some of Britain’s poorest communities, and offer on-line services and free on-line learning in IT skills.

The first community to benefit will be Kensington in Liverpool, which has high levels of poverty and unemployment three times the national average, together with a range of other problems. It will be wired up in a unique partnership between a range of organisations including ICL and Gardner Systems firms, which will offer free computers to every resident in the pilot area.

9 more communities to benefit from the initiative will be announced at a later date.

Other measures to cross the digital divide include:

• 1,000 learndirect centres by spring 2001 – 600 are open now; and 1,000 ICT learning centres by 2001 – last month the first 616 ICT learning centres were announced.
• Both learndirect and ICT learning centres are part of the ?UK Online? brand – by the end of 2002, the aim is for there to be 6000 UK Online centres across England;
• on-line basic skills training free of charge for the unemployed;
• tax free loans of computers from employers to employees;
• the Foyer Federation, which provides housing and jobs training for out of work young people, is in partnership with ICL and NTL creating 50 UK online centres in Foyers across the country;
• in Brighton, a joint UK online/Big Issue centre will help homeless people to find a job by giving them access to computers and their own email addresses;
• charities in Hampshire are bringing laptop learning to the housebound; and
• testing new forms of provision for rural as well as urban areas – for example a mobile unit driving around rural Dorset.

Gordon Brown said:

“It is the determination to bridge the digital divide that makes us adopt such a innovative approach. Our aim is not just that people can access new technology, but that they also have the skills to make the most of that technology – hence our decision that the UK online centres include both ICT learning centres and learndirect centres, where we will provide a whole new network of computer learning, so that the whole of Britain is equipped for the information age.

The £15 million Computers Within Reach initiative which Education Secretary David Blunkett is leading will provide up to 100,000 recycled computers to low income families. Today, Education Minister Michael Wills is announcing the first wave of 35,000 computers.

In addition, Michael Wills is proposing to wire up some of the country’s most deprived communities, where the digital divide is most apparent.

This project involves a ,10 million investment in 10 innovative pilot schemes to wire up communities – bringing homes on line and linking them to their own community web with a single portal with links to local service. This will help overcome the barriers people may face in accessing employment, education and local services, and it will give many the opportunity, for the first time, to use the Internet.

Today Michael Wills will announce the first pilot in Kensington, Liverpool, an area with unemployment at three times the national rate and few families with computers – but within the pilot area, all homes will be eligible.

And to ensure the pilot works to the advantage of everyone, the first 2000 of the 35,000 computers ready for loan will be made available to the residents of Kensington free of charge.”

Mr Brown continued:

“A high unemployed area will therefore be the first to benefit from the most modern of technology, with not just some, but everyone, equipped for the challenges of the future.  This is only the first of 10 pilots in a project that if successful we will attempt to extend to many more areas which need it.

The principle behind it – that no-one should be excluded from the benefits of the IT revolution, and that the digital divide can be bridged.”

The press release issued by HM Treasury on 19 October 2000.

The Treasury is seeking applications for an additional Managing Director to the Board of the Financial Services Authority. Advertisements will appear in the national press from 19 October onwards. The text of the advertisement is attached.

The new post will have direct responsibility for the Consumer Relations Division, the regulation of insurance and investment firms, retail investment policy, training and competence issues and product regulation.

Announcing the new post, Economic Secretary Melanie Johnson said:

“This is a major appointment. The new Managing Director will have a key role in raising public awareness of the financial system and ensuring that consumers have the information they need to make appropriate choices about financial services products.

“The Government regards this as a key element in the success of its regulatory reforms. Appointments will be made in line with the guidance on Appointments to Public Bodies issued by the Commissioner for Public Appointments.”

NOTES TO EDITORS

1.  The Board of the Financial Services Authority is appointed by the Treasury.

2.  The current Financial Services Authority Board is listed below. It comprises the Chairman, the non-executive Deputy Chairman, two Managing Directors and ten non-executive Directors.

Sir Howard Davies, Chairman Joined the Board in July 1996 and became Chairman in August 1997

Stewart Boyd QC, Deputy Chairman Joined the Board in March 1999. Called to the Bar, Middle Temple in 1967 and appointed Queen’s Counsel in 1981

Moira Black CBE, Joined the Board in December 1998. Chairman, Consumer Communications for England. Vice-Chairman of the University of North London. A non-executive director of the North West London Hospitals NHS Trust. A trustee of the Royal Botanic Gardens

David Clementi, Joined the Board in September 1997. Deputy Governor (Financial Stability) of the Bank of England

Michael Foot, Managing Director Head of Financial Supervision. Joined the Board in June 1998

Deidre Hutton CBE, Joined the Board in December 1997. Vice Chairman of the National Consumer Council. Chairman of the Personal Investment Authority Ombudsman Bureau

Gillian Nott OBE, Joined the Board in December 1998. Chairman of Baronsmead VCT plc. Director, Foreign and Colonial Pacific Investment Trust Ltd. Trustee of Understanding Industry

Keith Oates, Joined the Board in February 1998. Non-executive Director of British Telecommunications plc. Non-executive Director of Diageo plc, where he chairs the Audit Committee

Christopher Rodrigues, Joined the Board in December 1997. Chief Executive of the Bradford & Bingley Building Society. A non-executive Director of Energis plc

Dr Shamit Saggar, Joined the Board in December 1998. Reader in Government at Queen Mary & Westfield College, University of London. Board member of the National Consumer Council. A non-executive member of the Whittington Hospital NHS Trust. A Governor of the Peabody Trust. Member of the Advisory Council, Institute of Citizenship

Sir Robert Smith, Joined the Board in December 1997. Vice Chairman, Deutsche Asset Management. BBC National Governor for Scotland. Chairman of the National Museums of Scotland.

Stephen Thieke, Joined the Board in December 1997. Chairman of the RiskMetrics Group.

Phillip Thorpe, Managing Director Head of Authorisation, Enforcement and Consumer Relations. Joined the Board in June 1998.

Keith Whitson, Joined the Board in December 1998. Group Chief Executive of HSBC Holdings plc. He is also a director of the group’s major subsidiaries in the UK, Hong Kong, USA, Canada and Argentina.

The press release issued by HM Treasury on 19 October 2000.

A new water-monitoring database system aimed at saving energy and providing the public sector with benchmarks and targets for lower water consumption has the potential for huge savings, Stephen Timms, Financial Secretary to the Treasury,  announced today.

The Watermark project, a sophisticated Government model for tracking the usage of water and effluent services by the wider public sector, will enable savings to be made on future water bills principally by reducing consumption and the adoption of meters across the estate.

Speaking in London about the new project at a Water Companies conference, Stephen Timms said:

“We all need to work towards conserving energy and water consumption and to reduce CO2 emissions.  This is essential if we are to meet our environmental targets and improve our energy conservation methods.  The potential for savings for the taxpayer are immense.

As a first step to increasing awareness and filling the huge knowledge gap across the public sector on how it uses water, we must have a better insight into such usage and to understand how better to manage consumption. To manage this spend more effectively and to reduce water consumption, benchmarking and management information is essential.

This contract is the first step towards providing a computerised database which will allow quick and easy data analysis of the water consumption.  This will provide departments with meaningful management information to allow better control and planning of expenditure.”

Peter Gershon, Chief Executive of the Office of Government Commerce (OGC), set up to improve procurement best practice across Government, said:

“There is a clear potential for the OGC to enter into strategic partnerships with suppliers in the area of energy conservation and to assist departments deliver best value for money in the public sector’s commercial activities.   I am delighted to be supporting a project that could bring real gains to the public sector and to be supporting the Greening Government Operations Strategy which seeks to reduce water consumption.”

The current £600m spend on water services by the wider public sector – central government and local authorities – is expected by the end of the Watermark study in April 2002 to have the potential to deliver savings of up to 10% each year on the total spend in this area.  This equates roughly to around £30m for central government and £30m for local authorities.

It is estimated that ninety per cent of the potential savings projections could be achieved through improving greater understanding and awareness of reducing water consumption, including less wastage, and addressing greening issues including wasted energy such as pumping and wasted hot water.  The ten per cent could be derived from implementing correct metering where rateable charges exist.  Some capital spend may be required in this area.

Currently DfEE, DETR, DSS, HM Treasury, HMP Prison Service, Ofwat, Inland Revenue, Police Authority for Northern Ireland, Rutherford Appleton Laboratories (NDPB) the Environmental Agency and The Metropolitan Police are involved with the Watermark project.

It is estimated that there will be some potential for some savings before the Watermark contract comes to an end in April 2002.  Much will depend on how quickly departments react to the benchmark data they receive.

The Watermark project is funded through the Government’s Invest to Save Budget and is managed by The Buying Agency (TBA), an executive agency of the OGC.  The contract worth £250,000 is for the provision of  Watermark’s computerised database and is with Energy Metering Technology (EMT), a specialist energy consultancy. Watermark is supported by the Department of the Environment (DoE), Transport and the Regions (DETR) and the Department for Education and Employment (DfEE).

The OGC will, through its remit, provide central Government procurement departments and agencies with a new drive to improve performance so helping them to deliver best value for money in their commercial activities.  The OGC is currently on track to deliver £1 billion value for money procurement gains across the public sector in meeting its £1 billion target over three years.

The press release issued by HM Treasury on 19 October 2000.

Chancellor Gordon Brown today launched a new challenge to employers and workers to exploit this moment of hard-won economic stability to close the productivity gap with Britain’s main competitors. He called on employers and workers to tackle the key barriers to higher productivity growth: restrictive practices, low skills, resistance to innovation and under-investment.

Speaking in London to the Confederation of British Industry, Gordon Brown urged employers, employees, investors and others to work together to address the productivity challenge:

“I want to concentrate our attention on the moment of opportunity our hard won stability is now giving to our country. How we can build upon that hard-won monetary and fiscal stability to bridge the 35 per cent productivity gap with our competitors.

If we are to seize and not squander this hard won moment of opportunity, we must challenge each other – investors, managers, workforces, educationalists – that we should, without complacency, address and overcome the old British problems which many consider to be short-termism and under-investment, inadequate skills, resistance to change and to new technology, and over complacency and a failure to benchmark the best.

So this is my challenge. I can tell you today what Government can and will contribute: stable policies will continue so there will be no sudden lurches in tax or spending policy, no irresponsible pre-election sprees, no irresponsible wage increases that will put youth jobs or any jobs at risk, no relaxing our fiscal rules.

We will play our part in creating the best competitive environment and investing in the potential of our people and I will address these issues in the coming Pre-Budget Report.”

The Chancellor went on to outline the challenge he is setting today:

“I believe as a country we can do far, far more. We cannot bridge the gaps, however, without a broader drive from managers and workforces across the country to solve together productivity problems which each cannot solve on their own.

I have called on the Presidents of the CBI and TUC, the Director General of the CBI, and the General Secretary of the TUC to invite a positive response from unions and managements in regions and in sectors to address some of our old problems and together work through an agenda for economic reform. In short, whether we can remove all the old barriers to employment and prosperity for all.

I propose that, to tackle the productivity issue, the CBI should work with the TUC, educationalists and others to meet the challenge I have set out.”

The press release issued by HM Treasury on 23 October 2000.

Chancellor Gordon Brown and Paymaster General Dawn Primarolo will today urge working parents to apply for Working Families Tax Credit (WFTC), as they launch a major new publicity campaign and publish new figures showing 2.2 million children are now better off as a result of WFTC.

The mould-breaking £5 million WFTC national advertising campaign – which will run for a month – features parents and families who have actually been claiming the WFTC, and spells out the degree to which they have benefited as a result.

At the launch in London today, Mr Brown showed that:

• Over 1.1 million families are already receiving the WFTC – 300,000 more than claimed Family Credit (FC) at its peak;
• 2.2 million children are living in those 1.1 million households, compared to 1.68 million children in families claiming FC at its peak;
• On average each family is receiving over £76 a week;
• On average each family is £30 a week better off than they would have been under Family Credit.

Mr Brown said:

I’m urging Britain’s families to ring the freephone response line – 0800 5975976 – and check whether they’re eligible for the WFTC. Over 3 million families have already done so.

I want every eligible family to know about it, claim it and receive it – making work pay more than benefits is a major way to tackle child poverty.

There is an estimated one million job vacancies in the economy and WFTC makes work pay and has taken a million children out of poverty. The next step is to take the second million out of poverty, and we’ll be bringing forward proposals to do this during the next Parliament.

We’ve brought in a range of measures to help parents combine work with the vital job of bringing up children, but we know there’s much more to do. WFTC gives families a real choice, helping them move from welfare to work, getting off benefits and out of poverty. Scrapping WFTC would deny working families – couples or lone parents – that choice of whether to work, and would leave millions of children and their parents in poverty.

WFTC shows that this is a Government on the side of Britain’s hard-working families.

Paymaster General Dawn Primarolo said:

WFTC means that working families will no longer need to apply to the social security office to take home a living income. It provides generous help with childcare and ensures that every child has the best start in life.

Alongside initiatives like the New Deal, Sure Start and the new Children’s Tax Credit, WFTC is providing new opportunities for millions of families in the UK.

The press release issued by HM Treasury on 23 October 2000.

The Chancellor of the Exchequer has today appointed the Right Honourable Betty Boothroyd to be Steward and Bailiff of the Three Hundreds of Chiltern.

The press release issued by HM Treasury on 24 October 2000.

Chancellor Gordon Brown today welcomed the innovative approach the Social Investment Task Force has taken to revitalising Britain’s poorest communities.

The report’s five key recommendations set out how £1 billion of private finance can be investment into the UK’s most deprived areas. The report highlights enterprise and wealth as being vital to building sustainable communities that will provide long-term growth for the future.

Responding to the report at the launch in London the Chancellor said:

“This is the time to bring jobs and enterprise to those areas of the country that have not yet fully participated in the economic recovery.

“I understand that the story of economic improvement is not a story of improvement for everyone, that there are still too many people left out of the British success, and that while more people are in work that ever before, there are still pockets of high unemployment in every region of the country.

“We are determined to make sure that everyone who is able to work has the chance to do so. The aim must be to build a working economy in every community of the country. In tackling the employment and enterprise problem in the high unemployment areas, we will not return to the old ways, which have failed.

“We believe that in the new economy we will succeed in creating an economy with employment opportunity for all when we create an economy with enterprise open to all.

“So in the Pre-Budget Report in a few days time we will propose how investment and venture capital can raise the rate of business creation and growth, and for the whole country show how we are prepared to reward enterprise – for example, through capital gains tax reform and small business tax incentives – to show that the entrepreneurial culture is open to all.

“We will build on the report’s recommendations. The report sets out a five-point programme of action which would deliver £1 billion of new investment in businesses in deprived areas:

• first, a new community investment tax credit to encourage private investment in under-invested communities;
• second, a community development venture fund with matched funding from Government;
• third, more detailed disclosure by the banks of their lending activities in under-invested communities;
• fourth, more flexibility for charitable trusts and foundations to invest in community development projects; and
• fifth, more support for community development financial institutions.

Outlining why this problem needed to be tackled, the Chancellor stated:

“In Britain the overall rate of business start-ups is less than half that in the US, and in high unemployment areas we do much worse. There is significant variation in the rates of business creation across regions. Last year, small business VAT registrations were six times higher in high employment areas than in low employment areas.

“And there is also variation within regions – here in Newham there are only 39 VAT registrations per 10,000 adults but in other areas of London the number is much higher – for example, 108 in Kensington and Chelsea and 146 in Camden.

“If the 100 areas with the lowest rates of business creation performed as well as the average areas, they would together create nearly 18,000 new businesses.

“Our new approach to regeneration is about building on the potential strengths of local people – encouraging new dynamism, not the old dependency; backing success, not the old subsidies. In this approach, there are three pillars:

• First, in every areas we want to build an enterprise culture not for the few but open to all;
• Second, in the high unemployment areas, we want to encourage private investment flows and new businesses;
• Third, as we create more job opportunities, we want to tackle all the barriers that people face in getting into work.

“This is the time to say to every corporate leader in our country, take a look at investing in our high unemployment areas. They offer business new choices, new recruits and new markets. It is good for business and good for growth.

“I believe we can work together – Government, business leaders and local communities – to deliver our aim of enterprise and employment opportunity open to all in every region, every town, every community in Britain.”

NOTES TO EDITORS

The Social Investment Task Force, led by Ronald Cohen, was set up in February 2000. It was independently manage by the UK Social Investment Forum in partnership with the New Economics Foundation and the Development Trusts Association. HM Treasury had an observer role. The members of the Taskforce were:

Ronald Cohen, Chair, Apax Partners and Co

David Carrington, Chief Executive, PPP Healthcare Medical Trust

Ian Hargreaves, journalist and academic

Philip Hulme, Chairman, Computacenter

Geraldine Peacock, Chief Executive, Guide Dogs for the Blind

Joan Shapiro, former Executive Vice President, South Shore Bank, Chicago

Tom Singh, Managing Director, New Look

The Task Force’s report is titled “Enterprising Communities: Wealth Beyond Welfare.”

The Task Force report was launched by Ronald Cohen at Community Links, Newham, East London. It is a major charity and has run a wide range of community projects over the last 21 years. In 1999, more than 25,000 people benefited from its projects, run by over 450 volunteers in 60 key sites.

The press release issued by HM Treasury on 25 October 2000.

At today’s Montreal meeting of the G20 group of countries, Chancellor of the Exchequer Gordon Brown has offered UK participation in the IMF/World Bank Financial Sector Assessment Programme (FSAP).

The Financial Sector Assessment Programme is an important innovation. An IMF/World Bank team takes an independent look at a country’s financial sector and its regulation. It assesses the sensitivity of the financial sector to macro-economic shocks and compare the country’s financial regulation with international best practice. This process will underpin and improve global financial stability, so it is important that all kinds of countries – emerging markets and world financial centres – take part in the process.

Gordon Brown said :

“With Sir Howard Davies, Chairman of the UK Financial Services Authority, I am offering UK participation in the Programme. The FSA is working towards implementation of a new regulatory framework under the Financial Services and Markets Act 2000. This will create a fully-integrated cross-sector framework for financial regulation.

I am confident that UK financial regulation is amongst the best in the world. Nevertheless, the UK financial sector is also amongst the most important in the global financial system. We will therefore welcome the opportunity of participation in the Program”.

The press release issued by HM Treasury on 27 October 2000.

The UK and the Caribbean Overseas Territories and Bermuda commissioned an independent review of financial regulation in those territories.  This independent review, carried out by KPMG toassess the extent to which the Overseas Territories comply with international standards and good practice in the way they regulate their international financial sectors, is published today.

The review analysed the position of each Overseas Territory individually in terms of the extent and range of financial business conducted and the strength and effectiveness of their regulatory regimes. The KPMG report is exception-based and largely concentrates on those areas of financial regulation where action is considered necessary to comply fully with international standards.

Welcoming the publication of the review, Melanie Johnson, the Economic Secretary to the Treasury said:

The review provides a rigorous and comprehensive evaluation of how far the Overseas Territories already match international standards and good practice, and makes recommendations for action to improve and strengthen financial services regulation in the Overseas Territories.

I look forward to seeing their plans for implementation linked to a specific timetable which each Overseas Territory has committed to publish by 15 January 2001.

It is evident that some Overseas Territories have more to do than others before they can deliver fully what is necessary.  It is equally clear that not everything can be done immediately. It has been mutually agreed that the Overseas Territories, where applicable, will give priority to three particular recommendations made in the KPMG report.  The three priorities for action are legislation for the establishment of independent regulatory authorities; any necessary enhancements to their laws and systems to combat money laundering; and introducing legal powers that would allow regulatory authorities to obtain key information, and share this with overseas regulators in order to assist their investigations. We will be working with each Overseas Territory to put in place suitable measures; and we expect to see the necessary steps substantively in place by 30 September 2001. Prompt and firm action in this regard will demonstrate to the global financial community the strength of the Overseas Territories’ commitment to international standards.”

Baroness Scotland, Parliamentary Under Secretary of State in the Foreign and Commonwealth Office responsible for the Overseas Territories, added her appreciation for the efforts made by all concerned with the delivery and publication of the review:

The Overseas Territories White Paper – ‘Partnership and Prosperity’ – noted that the Overseas Territories’ success in attracting financial services has been built upon, amongst other things, their reputation for sound administration, effective legal systems, and political stability. In an increasingly competitive global economy, maintaining a reputation for seeking to attract only clean and well-regulated business is vital.

I welcome the Overseas Territories’ full participation in the review exercise. It has been a complex process, but one which we believe will deliver real benefits to the Overseas Territories financial sectors. The review has underlined the Overseas Territories commitment to adhering to international standards of financial regulation, and their willingness to co-operate internationally to help ensure a sound international financial system.

In response to the publication of the KPMG report, Hon Victor Banks, Minister of  Finance in Anguilla, said:

The Government of Anguilla welcomes the KPMG Report and recognises the hard work that has gone into its completion. The Report highlights the extent to which Anguilla already meets international standards and practices and serves as an excellent springboard for the continuing solid development of Anguilla’s financial services sector. The comments in the Report on the sound regulatory aspects of Anguilla’s electronic Companies Registry, ACORN, are particularly welcome.  The Report should also assist the Government of Anguilla in dealing with a number of international initiatives currently underway.

The Government of Bermuda issued the following statement:

The Government of Bermuda welcomes the report on Bermuda’s regulatory system. Speaking on behalf of the Government, the Minister of Finance the Hon. C. Eugene Cox said that Bermuda is pleased that in the vast majority of areas, the report confirms that Bermuda’s regulation of financial services conforms to international standards and good practice.

He noted, We are particularly pleased that in areas such as company formation the report recognizes that Bermuda substantially exceeds minimum requirements. We also recognize, as the report does, that some enhancements are always possible. Bermuda remains firmly wedded to meeting and maintaining international standards. As such we generally support and welcome the recommendations for improvement of certain of the present provisions that have been made by KPMG.”

The Chief Minister of the British Virgin Islands, Hon Ralph O’Neal said:

“The Government of the British Virgin Islands welcomes this comprehensive report, which we view most positively. KPMG must be commended on producing such a thorough and useful review. We also commend the approach taken by the British Government in producing the report, which offers an ideal example of how Britain and her Overseas Territories can work together constructively to resolve issues affecting us all.

The report has a double value to the BVI in highlighting the strengths of our existing regulatory regime while helping us prioritise the weaknesses that still exist. Implementing the recommendations is integral to the BVI’s commitment to being in the top echelon of offshore financial service centres. I am tabling it today before the BVI legislature and will circulate it widely within the BVI for public comment. We look forward to continuing to work closely with the British Government as we take the report forward.”

The Government of the Cayman Islands said:

We welcome the independent report of KPMG, which confirms the commitment of the Cayman Islands to operating a well-regulated financial centre which meets international standards. The report identifies a number of areas that we will be addressing to ensure that Cayman’s regulatory framework is further strengthened. The Cayman Islands will continue to play its part in ensuring that its international financial sector is able to meet new international standards as they evolve.”

The Government of Montserrat said:

“Montserrat understands its responsibilities as a provider of Financial Services in the international market.  We therefore welcome the KPMG report since its recommendations provide a basis for action geared to achieving internationally agreed standards of financial regulation.”

The Chief Minister of the Turks and Caicos Islands, Derek Taylor said:

“We welcome publication of the report.  The next step is for us all to consult  within our respective jurisdictions.  We look forward to giving careful and constructive scrutiny to the report”

These comments follow a recent meeting in London attended by Ministers, senior officials and regulators from the Overseas Territories and the UK. This meeting agreed the following conclusions:

• Each Overseas Territory would publish by 15 January 2001 a response to the recommendations addressed to it, together with a timetable for implementation.
• Following appropriate consultation and parliamentary approval within each Overseas Territory, the core recommendations relating to independent regulatory authorities, anti-money laundering regimes and exchange of information would be substantially implemented by 30 September 2001.
• The UK is willing to provide appropriate assistance to Overseas Territories in their bilateral and/or multilateral negotiations with other entities in matters relating to regulation and exchange of information.

Finally, the UK and Overseas Territories expressed their thanks to KPMG for producing a professional report on a short timescale.