Panama Papers

Alan Duncan Excerpts

Monday 11th April 2016 Commons Chamber

[The Prime Minister]

Basically, we have been asking the Crown dependencies to do three things: one is to exchange tax information, the second is to have a common reporting standard, and the third is to establish registers of beneficial ownership. They have now done all three, so the answer to the right hon. Lady’s first question—have they agreed?—is yes. We still need agreement from Guernsey and from Anguilla, but we hope that that will come in the coming days. The answer to her second question—will our Revenue have access to their register?—is yes, it will. The answer to her third question—will we force them to have public registers?—is we think they should; we think that that is the right way to go. But let us be clear: very few countries in the world—I think Spain, Britain and possibly one or two others—have public registers of beneficial ownership. Our Crown dependencies and overseas territories will now be far in advance of most other countries, so instead of attacking them, we ought to praise them and thank them for what they have done.

[Sir Alan Duncan (Rutland and Melton) (Con)]

Should not the Prime Minister’s critics just snap out of their synthetic indignation and admit that their real point is that they hate anyone who has even a hint of wealth in their life? May I support the Prime Minister in fending off those who are attacking him, thinking particularly of this place, because if he does not, we risk seeing a House of Commons that is stuffed full of low achievers who hate enterprise and hate people who look after their own family and who know absolutely nothing about the outside world?

[The Prime Minister]

I am grateful for my right hon. Friend’s support. We have a system for Members’ interests which was put in place at the end of 13 years of Labour Government. I think we should maintain that system. I do not want us to discourage people who have had a successful career in business or anything else from coming into this House and making a contribution. That is why I have said that for Prime Ministers and Chancellors, shadow Prime Ministers and shadow Chancellors, it is a different set of arrangements.