The Government is to support calls for reforms of sovereign wealth funds, chancellor Alistair Darling indicated yesterday, marking a major departure from his previous laissez-faire attitude toward the state-controlled funds that have become aggressive buyers of UK companies, The Independent reports.
The Chancellor will tomorrow meet other finance ministers of the Group of Seven industrialised nations, with the US expected to table a proposal calling for greater transparency of the massive funds controlled by countries such as China and Qatar. Mr Darling is expected to back the move, as are the ministers from Japan, Canada and Germany. Until now Mr Darling has refused to join other governments, principally the US, in calls for regulation and transparency. Yet speaking on the rising influence of SWFs yesterday, a Treasury spokeswoman said: "Investment activity requires commercially mo...
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