The first meeting was held in January 1965, and by March the group was divided into three sub-groups:

sub-group A, 'It was agreed that the whole field of taxation would have to be considered...business taxes, personal taxes and indirect taxes, with the aim in each case of asking what kind of tax reforms we would like to see and what kind of economic and social effects we wish to flow from them.'

sub-group B, 'To consider means which could be used by government to encourage a more economic and efficient use by British industry of our labour and capital resources.'

sub-group C, 'To study and make recommendations about the problem of the long term balance of payments and to present a report.'

Papers include: