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Government under attack after changes at UKFI

The UK government is tonight under attack after the chairman of the UK Financial Investments body, which is predominantly there to protect taxpayer interests in the banking sector, left. Glen Moreno had only been in the position for just over one month when he refused to take the role on a permanent basis. Many believe that his alleged connections with the Liechtenstein tax haven ultimately led to his shock departure.

The role of chairman of the UKFI has now been taken by Sir David Cooksey who is one of the pioneers of the UK venture capital industry. When you consider the UK government has been attacking such industries and such businesses, it does seem rather strange that the pioneer of that particular sector is now in control of UK taxpayers share stakes in the likes of Royal Bank of Scotland and Lloyds bank.

Despite the UK government attempting to be seen to be doing the correct thing with regards to the UK banking sector and taxpayer exposure to industry, there appear to be problems on a regular basis. This particular issue at the UKFI will not help the UK government to formulate a plan to disinvest taxpayer exposure at the earliest opportunity.

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