Watch out, Turner’s about!

Lord Adair Turner’s recently published review calls for a clampdown on offshore tax havens (see my article on Jersey); it also wants a concensus at next month’s G20 summit as well as a separate body to coordinate financial regulation with the European Commission.

The Centre for Economics and Business Research said the review wrongly proposed regulation for financial institutions. The ThinkTank’s Chief Executive Douglas McWilliams made it clear that any such proposals would lead to many banks leaving the City in favour of more flexible regulatory regimes. Such an exodus would result in the loss of some 50,000 jobs in the City.

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