§ Lord Redesdaleasked Her Majesty's Government:
Whether they can quantify the potential loss of income and jobs that will result from restrictions on United Kingdom "creditability" of foreign withholding taxes on interest from overseas lending and other banking transactions because of the probable transfer of this business to other low-tax banking facilities such as the New York International Banking Facilities; and whether they can indicate the volume of United Kingdom exports currently financed by tax spared loans which may be put at risk.
§ Lord CockfieldConsultations with the banks on this matter are still proceeding with a view to introducing the necessary legislation at Committee stage of the Finance Bill. In coming to their decision, the Government will certainly take into account any possible implications for income, jobs and United Kingdom exports.