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PBR 2008 — City Reaction

Stephen Edge of Slaughter and May gives us the City reaction to the Pre-Budget Report
A politically charged PBR contained only a few things of major interest to City watchers. There was the usual raft of largely pre-announced anti-avoidance measures — plus some welcome relief for stock loan or repo counterparties who were not going to get securities returned to them because of defaults in the banking sector and were then concerned that they would lose capital gains and stamp duty reliefs — but the major focus will undoubtedly have been on the announcements made in relation to the taxation of foreign profits.
(While the Government has not apparently been as active as its US counterpart in announcing or relaxing measures to help the troubled banking sector — the US ...
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