Oral Answers to Questions

Anas Sarwar Excerpts

Wednesday 17th December 2014 Commons Chamber

[Justine Greening]

As my hon. Friend has said, for the first time overseas territories have signed up to action plans, and the next step is to ensure that they implement them. In fact, a number of countries need to stand by the promises that they made and deliver on them. However, we are delivering on our own promises.

[Anas Sarwar (Glasgow Central) (Lab)]

I am sorry, but the Secretary of State can do better than that. We know that tax revenues amounting to three times the entire global aid budget are lost to developing countries every year, and that nearly a third of the estimated $32 trillion of private financial wealth that is held in tax havens comes from those countries. A year ago, the Prime Minister said that there would be a public register of beneficial ownership. That must include the overseas territories and Crown dependencies. By dithering and delaying, whose interests is the Secretary of State protecting?

[Justine Greening]

There was dither and delay for 13 years under the last Government. I do not think we need take any lectures from them, either on the closing of our domestic tax gap—which grew under Labour—or, indeed, on the closing of the international gap. The hon. Gentleman would do better to welcome all the work that this Government have instigated, not least the setting up of the HMRC unit which I mentioned, which is enabling our officials to give invaluable help and advice to tax institutions around the world.