Taskforce for Emerging Economies
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
British Minister announces the launch of the Emerging Capital Markets Taskforce, with Brazil as a priority market
Chancellor of the Exchequer, the Rt Hon George Osborne MP, today (Weds 9 April) announced the launch of the Emerging Capital Markets Taskforce (ECMT) to unlock new opportunities for the UK financial services sector by helping to open and deepen capital markets in emerging economies through fostering innovative collaboration between Government and the private sector. The Chancellor also announced that Brazil has been identified as a priority market for the Taskforce.
The Chancellor said: “Emerging Markets are central to the City’s competitiveness and global economic growth and stability. Over the next 10 to 15 years, an estimated 90 percent of global demand will be generated outside of Europe, the majority of which will come from EMs. Increasing the openness of these markets will benefit the UK economy by reducing barriers to trade and creating opportunities for UK companies to deliver new financial services and products.”
“Our ambition is to build a deeper relationship with Brazil that will support Brazil to develop open capital markets and unlock new opportunities for the UK financial services sector. This will not happen overnight, but the UK has a role to build incremental progress towards this end.”
In the 2013 Budget the Chancellor launched the Financial Services Trade and Investment Board (FSTIB), a strategic body, chaired by HM Treasury, which brings together senior government and industry experts. The Board agreed to establish an Emerging Capital Markets Taskforce (ECMT) to help open and deepen capital markets in emerging economies through fostering innovative collaboration between Government, the private sector and UK missions overseas. The Taskforce has identified Brazil as a priority market for the programme.
Minister without Portfolio and the PM’s Trade Envoy to Brazil, Ken Clarke, will lead this work with Brazil for the UK.