G20

Cheryl Gillan Excerpts

Monday 17th November 2014 Commons Chamber

[The Prime Minister]

I do not have those figures for the hon. Lady. They were figures produced by the OECD at the meeting, but she is completely right that if all that happens is that the richest countries of the world agree to exchange tax information with each other, that will help us but it will not help the poorest. That is why we have to get into these countries and help them build their tax authorities and their capacity. That is why we have not just proposals but actions like tax inspectors without borders where we actually put the capacity into other countries. I want them to benefit from the good work that is being done.

[Mrs Cheryl Gillan (Chesham and Amersham) (Con)]

Against the background of an uneven and fragile global economic recovery, may I congratulate the Prime Minister on a successful G20? I was particularly pleased to see that the G20 leaders supported the World Bank Group’s infrastructure facility. Will he tell us what role the UK will play following the launch of the G20’s global infrastructure initiative and hub?

[The Prime Minister]

I think this hub can matter because an enormous number of huge infrastructure projects need to be built, particularly in the developing world. Those projects could have a transformational effect on those countries’ economies as well as helping us with our trade, but they often need pump-priming and guarantees in order to get going because they will not be financed solely by public sector banks or institutions. The hub will bring together the World Bank, the International Monetary Fund and regional investment banks such as the European Bank for Reconstruction and Development to try to get those projects going. British companies and British business will benefit from that, which is why I think this is an important part of global growth.