Swiss Finance Minister Hans-Rudolf Merz, Minister of the Exchequer George Osborne agreed to start negotiations on the agreement which will provide access to undeclared accounts Britons in Switzerland, as well as access to information on tax and bank information between the two countries. The outcome of a meeting of representatives of finance ministries of both countries, held in London in the late October was the signing of the Declaration on the start of negotiations on tax policy. The planned agreement will expand co-operation in the sphere of taxation and ease banks' access to markets. Negotiations will begin in early 2011. According to the Federal financial agencies in Switzerland, both countries expressed confidence "that the talks will lead to fair and lasting solution which would meet their interests." "Both sides agreed that the new decision to avoid the displacement of competition in respect of tax matters," – said in a statement. "British taxpayers should not be afraid to open accounts in Switzerland. However, in the future the possibility of the risk of tax evasion should not influence investment decisions of British taxpayers. " This statement guarantees the confidentiality of information about bank clients, as well as the fact that the automatic exchange of information in the future "will not be considered in relations between countries." The agreement will ensure that existing deposits Britons in Switzerland, which are "Tax-exempt, should be" resolved "and that future investments will be levied a tax at source, the amount to be determined during negotiations. The agreement also will include provisions to strengthen administrative assistance in order to prevent evasion of tax at source.