HISTORIC PRESS RELEASE : From Russia with Economics – Chancellor Gordon Brown welcomes 1000th High-Flyer to the UK [July 1998]
The press release issued by HM Treasury on 20 July 1998.
The 1000th participant of the Chancellor’s Financial Sector Scheme was this evening welcomed by Chancellor Gordon Brown and Economic Secretary Helen Liddell at a reception at No. 11 Downing Street.
The Scheme, which since 1992 has offered work placements to young high-flyers from Russia and the other 14 successor states to the Soviet Union, has chosen Alexander Antipov, aged 25 from Moscow, as its 1000th participant. Mr Antipov has been placed with Scudders Investment UK to research international bond markets.
Thanking the 500 companies who have taken part in the Scheme, Chancellor Gordon Brown said:
“This Scheme has been a major contributory factor in the development of the economic future of Russia and its neighbours. It is an excellent example of public and private sectors working together, building relationships between high-flying individuals and leading British companies. Alexander is typical of the high calibre of all those who have been involved in the scheme since it began, and I am delighted to welcome him to Britain.”
Former participants in the Scheme have risen to positions of prominence in their home countries. One of the first participants who came to the City in 1992 and worked at Royal Sun Alliance is now the Deputy General Director of Ingosstrakh, one of Russia’s top five insurance companies. Another participant who did a work placement at Allied Dunbar in 1995 is now on the Board of the National Reserve Bank where he heads up the Treasury function, while another is a financial advisor to President Yeltsin’s Government.
A similar scheme for China has recently been announced by the Secretary of State for International Development, Clare Short, following the success of the Chancellor’s cheme. The first participants in the China Financial Training Scheme are expected
to arrive in the UK in 1999.
NOTES TO EDITORS
Chief Executives of over 40 major City companies will attend the reception at No 11 as will most of the Ambassadors from the states of the former Soviet Union.
The Chancellor’s Financial Sector Scheme started in 1992 following an offer made by the then Chancellor, Norman Lamont to President Yeltsin to help Russia make the transition to a market economy. The Scheme was devised to offer short work placements to young high-flyers from Russia and the other 14 successor states to the Soviet Union. In the early days of the Scheme, most participants did their work placements in the City in the financial sector. More recently, the Scheme has broadened out to include legal and accountancy work and to take in other regions of the UK.
The Scheme is funding through DFID’s Know-How Fund, and is managed by the British Council and Digby Morgan Consulting.
