The 2008 party conference season ended last week in Birmingham, where the Conservatives assembled amid one of the most turbulent weeks in global financial markets for a generation.  News that the US Senate had rejected the $700bn rescue package emerged during the Institute's business reception on Monday, kindly hosted by Deloitte, with Mark Prisk MP, shadow minister for enterprise and deregulation.

Mark outlined the Conservative Party's vision for business, which includes reducing unnecessary regulations and simplifying the business tax regime.  These are laudable aims, which were well received by the business people in the audience.

On Tuesday, I made a speech on the global economy to over 80 people alongside Shadow Business Secretary, Alan Duncan, at a fringe meeting hosted by the Reform think tank.  The situation was moving so quickly that I had to rewrite much of the speech during the day to reflect the fast unfolding economic landscape.

The important point that I made to the senior Conservative politicians I met last week is that, whatever tax rates are imposed on business, policymakers should consult professional bodies on the structure of the system to avoid the unintended consequences that often accompany unexpected changes.

I was pleased to meet up with Mark Hoban MP, ICAEW member and shadow financial secretary to the treasury.  Mark chairs the Associate Parliamentary Group on Business, Finance and Accountancy, which the Institute supports.  In this role he has shown real leadership in getting business and parliament talking to each other.

Later, I contributed to a discussion over dinner with the Tax Payers’ Alliance and Policy Exchange think tank on the priorities for a first term Conservative administration, should they be elected.  Our President, David Furst, PwC’s Peter Wyman and senior Tax Faculty members Francesca Lagerberg and Chris Sanger, joined senior members of the Conservative front bench to discuss the principles of a good tax system.

By the close of the conference on Wednesday a new recovery package had been agreed by the US Senate.  It highlighted to me that party conferences really are a bubble.  David Cameron was reported as saying that people would not be interested in his conference with all the activity in global markets happening outside.  For my part, I found it a fascinating and useful glimpse into the thinking of the main Opposition party - I feel we filled important information gaps on some key business issues at a time when the economy is centre stage.

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