G8

Andrew Stephenson Excerpts

Wednesday 19th June 2013 Commons Chamber

[The Prime Minister]

I am grateful to the hon. Gentleman for his question; I know that he has spoken a lot about this in the past. That is the point of the high-level international tax tool. I have been searching for a better description for it than that, but it is none the less what we want the OECD to provide to countries so that we can see at a glance what a company earns, what its profits are and how much tax it has paid. In that way, we shall be able to see whether there is a problem, and whether further investigation is required. The register of beneficial ownership will also help, because it will enable us to hunt down the true owners of companies that are being registered under different nominee ownerships. These things all go together, and I think they can work.

[Andrew Stephenson (Pendle) (Con)]

Hope Technology in Barnoldswick, which the Prime Minister visited in April, was delighted to hear my right hon. Friend use it as an example of a great British exporter in a keynote speech ahead of the G8 summit. I warmly welcome what he has said today about the focus on jobs and growth. Will he say more about the positive impact that decisions taken at the G8 will have on manufacturers such as Hope Technology in Barnoldswick?

[The Prime Minister]

I will not forget my visit to Hope Technology in Barnoldswick, because it was impressive to see a manufacturing business making cycle accessories, parts and bicycles here in the UK, when so often people think that all this sort of manufacturing has gone offshore. No, it has not: some of the highest-quality production is right here. Obviously these trade deals make a difference for manufacturing industries, but we also need to do everything else, including keeping our tax rates low, which is what this Government are doing.