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Top UK economic officials to hold G20 follow-up meeting

Published 04/04/2009, 05:23 PM
Updated 04/04/2009, 05:24 PM

LONDON, April 4 (Reuters) - British Prime Minister Gordon Brown, Bank of England Governor Mervyn King and other top economic officials will hold a follow-up meeting on Monday after last week's G20 financial summit, a British official said on Saturday.

Finance minister Alistair Darling, Financial Services Authority Chairman Adair Turner and Trade and Investment Minister Mervyn Davies will also take part in the meeting in London, the official, who asked not to be identified, said.

The gathering brings together Britain's top economic officials and financial market regulators.

The meeting will discuss "how we drive forward the G20 agenda" both internationally and in respect of British policy on financial services and tax havens, the official said.

Britain will call on a number of British territories that have not yet implemented pledges to sign agreements to exchange tax information with other countries to do so as soon as possible, he said.

At Thursday's G20 summit of leading industrial and developing economies in London, world leaders clinched a $1.1 trillion deal to combat the worst economic crisis since the Great Depression and said financial rules would be tightened.

The summit promised a crackdown on jurisdictions that failed to cooperate in cross-border tax evasion cases.

Pushed by France and Germany, the G20 agreed that countries should sign up to global rules on sharing tax information or risk being placed on a blacklist.

The Paris-based Organisation for Economic Cooperation and Development (OECD) published a "grey list" of countries on Thursday that have not yet implemented their commitments to sign agreements with other countries to exchange tax information.

A number of British territories figure on the "grey list", including Bermuda, the Cayman Islands, Gibraltar and Turks and Caicos Islands. (Reporting by Adrian Croft; Editing by Alison Williams)

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