ECOFIN

George Osborne Excerpts

Tuesday 6th May 2014 Written Statements

[The Chancellor of the Exchequer (Mr George Osborne)]

A meeting of the Economic and Financial Affairs Council will be held in Brussels on 6 May 2014. The following items are on the agenda to be discussed.

Current Legislative Proposals

The presidency will provide an update to Council on the ongoing work on financial services dossiers.

Parent Subsidiary Directive

Council is expected to be asked to reach political agreement on an amending directive to the parent subsidiary directive. The Government support the proposed amendment, which will effectively close a loophole whereby companies operating across Europe could exploit differences between member states in the tax classification of certain financial instruments in order to reduce their overall tax liability.

Financial Transactions Tax

Council will hold a state of play discussion on the proposal for a Council directive implementing enhanced co-operation in the area of financial transactions tax. Following a number of working level meetings, this is the first opportunity for Finance Ministers to discuss the proposal since the Council decision authorising enhanced co-operation was adopted early last year.

Macro-economic Imbalances Procedure—In-depth reviews

Council will discuss the in-depth reviews published on 5 March and adopt a set of related Council conclusions. The Government take note of the Commission’s assessment that the UK is not experiencing excessive imbalances, and can support the proposed conclusions.

Follow-up to the meetings of G20 Finance Ministers and Governors (10-11 April) and IMF/World Bank (11-13 April) in Washington DC

Council will be informed of the main outcomes of the G20 Finance Ministers and Central Bank Governors and IMF/World Bank meetings held in Washington DC from 10 to 13 April. The Government remain supportive of the Australian G20 agenda, particularly on the development of comprehensive growth strategies.