Yuriko Backes was first hosted by John Glen, Economic Secretary of the British Treasury and City Minister, for a bilateral meeting that followed the initial exchange in Luxembourg in March of this year. The ministers discussed topical issues and common interests, as well as summed up the results of bilateral cooperation. The Minister of Finance said: “It was a pleasure to see John Glen again to discuss the development of our financial centers and the strengthening of our cooperation. In the current environment marked by uncertainty, an in-depth and ongoing dialogue with the Kingdom is more important than ever. As one of the top three international financial centers, our place and city are closely connected. Well-developed and interconnected financial markets will remain important to mobilize the capital needed to finance the green and digital transition.”
The finance minister then signed with Lucy Fraser, financial secretary of the treasury, a new tax agreement between Luxembourg and the United Kingdom aimed at avoiding double taxation and preventing tax evasion. This new convention, which will replace the old 1967 treaty, will greatly facilitate trade and investment between the two countries and contains the latest tax transparency standards derived from the OECD’s work on BEPS. On this occasion, Lucy Fraser emphasized: “I was delighted to contribute to strengthening the long-standing partnership that exists between the United Kingdom and Luxembourg by signing this new tax agreement. “Cross-border investment between our two countries will continue to flourish in the future.”
Yuriko Backes also took advantage of her stay in London to meet the directors of several British financial institutions with a presence in Luxembourg. She was also invited by the City of London Corporation to exchange views with City representatives on the future development of the British financial center and its relationship with the continent after Brexit. These discussions made it possible to evaluate their strategic priorities in the European Union, especially in the area of digitalization of financial services and sustainable financing.
During an interview with Nikhil Rati, Director of the Financial Conduct Authority, the regulator of the UK financial sector, the minister was able to assess the priorities for financial sector regulation in the UK.
Finally, Yuriko Bakes attended the official opening ceremony of the Business Club Luxembourg-United Kingdom. This new platform, created jointly by the Chamber of Commerce and the Luxembourg Embassy in London, will aim to bring together the business communities of the two countries and create a new fruitful Anglo-Luxembourgish partnership.
Minister Yuriko Backes comments: “The United Kingdom remains an important partner for Luxembourg and its economy and my meetings with major British players, the signing of a new tax agreement, and the launch of the Luxembourg-UK Business Club are concrete and important steps to further strengthen this long-standing partnership. “.
From London, the finance minister will travel to Paris, where he will attend the OECD Ministerial Council meeting this year under the theme “The Future We Want: Better Policies for the Next Generation and a Sustainable Transition”.
Message from the Ministry of Finance