My right honourable friend the Chancellor of the Exchequer (Alistair Darling) has today made the following Written Ministerial Statement.
The Treasury has today published a discussion document on possible international options to reduce the cost to taxpayers of financial sector failures. Risk, reward and responsibility: the financial sector and society is a contribution to the international debate on the future of the global financial sector.
The document highlights the importance of the financial sector to the UK economy alongside the risks it poses to society. While some risk-taking is inherent in financial sector operations, the recent financial crisis has shown the high cost to taxpayers when risk-taking becomes excessive. The document considers ways in which the financial sector might contribute to the potential costs of any residual risks it poses to taxpayers and to broader social objectives.
I have placed copies of the document in the Library and the document is also available on HM Treasury’s website.