Economic Crime: Planned Government Bill

Alison Thewliss Excerpts

Wednesday 26th January 2022 Commons Chamber

[Paul Scully]

I appreciate my hon. Friend’s work in tackling corruption and encouraging further transparency, which we have had several conversations about. We remain undiminished in our approach to tackling economic crime, for the reasons that he has given, and to Companies House reform, too. We will work with the Home Office and the Treasury to make sure we can get these measures in place as soon as possible.

[Alison Thewliss (Glasgow Central) (SNP)]

“Lamentable”, “woeful”, “arrogance, indolence and ignorance” were just some of the words that Lord Agnew used to describe the Government’s action on economic crime. In resigning at the Dispatch Box in the Lords, he has shown a lot more courage than anybody on the Front Bench in this place.

Some £4.3 billion was lost in the covid schemes and as-yet-unknown sums were lost in Government-backed loan schemes to crooks and fraudsters, while some in this country got no support. For example, it was deemed too difficult to redress support for parents in the self-employment income support scheme. Lord Agnew also said that it was a foolish decision to kill off the economic crime Bill, and given the evidence that I have heard at the Treasury Committee during our inquiry on it, I wholeheartedly agree.

Many cases of economic crime could be halted if the Government tightened up Companies House, because reform is well overdue. They have huge volumes of evidence on that. There is no verification, it costs only a tiny sum to set up a company and the information on the Companies House register is—politely—utter guff. If the Minister looks at Graham Barrow’s account on Twitter, he will see some of the absolute nonsense that is entered on to the Companies House register and somehow accepted. All that has led to an open door through which crooks and fraudsters have been allowed to waltz off with public money and Government-backed loans. UK corporate structures, such as Scottish limited partnerships, allow that to happen—and have done for years.

When, on what date, will we see an economic crime Bill? When, on what date, will we see the registration of overseas entities Bill, for which I sat on the Joint Committee years ago and on which the Government have failed to act? Why are the Government so unconcerned that the UK is deemed Londongrad and notorious for the laundering of dirty money? Who benefits from that—is it Tory donors and their pals?

[Paul Scully]

I think the last comment is beneath the debate. The hon. Lady talks about Companies House reform. Clearly, a lot of work is already happening in Companies House and it supports law enforcement on hundreds of cases each month. We want to get the balance right to ensure that new entrepreneurs can set up businesses through Companies House easily and affordably. There is much more reform to be done, however, which is why our appetite remains undiminished. She talked about Lord Agnew, who I thank for his work on this area. I worked closely with him to put measures in place to tackle fraud in bounce back loans and other areas of Government. He was a great servant of the Government and I regret the fact that he has gone.