G7 Summit

Lord Sikka Excerpts

Thursday 26th November 2020 Lords Chamber

[Lord True (Con)]

My Lords, I share the noble Lord’s tribute to my good friend and noble friend Lady Sugg. The Government are committed to supporting international development and helping the world’s poorest people, as we have shown already in 2020, hosting the world’s biggest ever summit to raise funding for vaccinations in the poorest countries, and we continue to commit to supporting developing nations against the coronavirus problems.

[Lord Sikka (Lab) [V]]

My Lords, I draw attention to the Register of Members’ Interests, which states that I am an unpaid adviser to Tax Justice Network. We all know now that tax revenues are vital for economic recovery. A report by Tax Justice Network has estimated that, globally, more than $427 billion is lost each year due to corporate tax abuses and private tax evasion. The UK’s Crown dependencies and overseas territories are responsible for more than one-third of global tax losses. Will the Government ensure that curbing tax abuse is on the G7 agenda?

[Lord True (Con)]

My Lords, of course I note the points made by the noble Lord. The Prime Minister will give further details on the agenda for the G7 shortly.