HM Treasury News

Athletes resident outside of the UK who compete at the Glasgow 2014 Commonwealth Games will be exempt from income tax, Chief Secretary to the Treasury, Danny Alexander will announce in Glasgow today. The decision mirrors a similar exemption in place for London 2012.

The Government has today published legislation which will fundamentally transform and strengthen financial regulation in the United Kingdom, Financial Secretary to the Treasury, Mark Hoban, has announced. The new regime sets out a clear, coherent and comprehensive regulatory framework, replacing the uncertainty and inadequacy of the previous structure, and helping to mitigate against future risks to stability.

The Chancellor, in consultation with the Secretary of State Owen Paterson and the Northern Ireland Executive, today announces that from 1 November Air Passenger Duty will be cut for passengers travelling on direct long-haul routes departing from airports in Northern Ireland.

Check against delivery Good morning and thank you Damian for those kind words of introduction.Let me congratulate the Telegraph for organising this Festival of Business.The people in this room come from all parts of our country – from Aberdeen to Devon, from here in the North West to the South East.

The Government has today announced that it is introducing new legislation, effective from today, to block a tax avoidance scheme involving Manufactured Overseas Dividends (MODs). The scheme could have resulted in companies, particularly in the financial sector, offsetting or claiming repayment of UK income tax that had in fact never been paid. This could have led to a significant loss of tax receipts, had the Government not taken action.

The Chancellor of the Exchequer, George Osborne hosted Chinese Vice Premier Wang Qishang for the Fourth UK – China economic and financial dialogue (EFD) today.

Check against deliveryThank you, Peter, for your kind words of introduction. Let me pay tribute to your time at Lloyd’s and celebrate your achievements at the helm of this great historic institution. You have helped it regain its place as the world’s leading insurance market.On behalf of everyone here – Peter – thank you and well done. I suspect we haven’t heard the last of you...

Statistical Release UK Official holdings of international reserves

HM Treasury and the Financial Services Authority (FSA) have today published a joint consultation paper on the future regulation of Northern Ireland credit unions (NICUs). These proposals will enhance consumer protection across all NICUs, and align both the prudential and consumer standards of NICUs with those of credit unions in other parts of the United Kingdom.