Mr. Michael Taft:

In conclusion, I would urge the joint sub-committee, the Government and wider political opinion not to make the same mistake we made during the middle of the last decade. Then, everybody sensed that there was a problem with the asset bubble but few were willing to face up to it, never mind address it. Tax-driven industrial enterprise policy is problematic, especially where that tax structure is concerned.

Many international commentaries and international organisations can be undermined by other economies seeking to do the same thing or possibly even better, as can international agencies that are attempting to address the widescale phenomenon of global tax avoidance. This structure could easily be undone by the proverbial stroke of a legislative pen in some other country. We must ensure that we are not heading blindly into another crisis because of a refusal to face up to reality or adapt to a changing environment. I thank the Chairman and the committee.