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Myners’ future in doubt after tax dodge

City Minister Lord Myners’ future was called into question this week after it emerged that he helped to set up a business in Bermuda to avoid paying UK tax.

Myners is the minister in charge of stamping out corporate tax avoidance and has recently been criticised for approving Sir Fred Goodwin’s pension from RBS.

He was the chairman of Aspen Insurance Holdings which saved more than £100m in UK tax last year by being based in the tax haven of Bermuda.

The company specialises in property and crisis reinsurance policies which pay out in the event of natural disasters. Myners’ five-year term as chairman of Aspen finished in May 2007.

The Tories and LibDems both branded this latest revelation as an embarrassment for the Government and questioned Myners’ future in this position.


India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


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