(7 years, 6 months ago)
Commons ChamberIt would help if Members were listening to me. How many times have I given way? Numerous times—more than anyone else in our proceedings, which have been going on for many hours—so I would like to make some progress.
Even if, as has been mentioned, it is the British Virgin Islands and the Cayman Islands that are prolific offenders—I think that the British Virgin Islands come up the greatest number of times in the Panama papers—it does not completely absolve the Crown dependencies. Several Members have tried to untangle the difference between Crown dependencies and overseas territories. The Isle of Man managed to rack up 8,000 entries in the Panama papers and is being singled out by the Canadian revenue authorities for investigation. Let us not forget that in October 2015, HMRC defeated the Isle of Man on a tax avoidance scheme that took place from 2001 to 2008 and left a hole in our finances of £200 million. That is a not insignificant sum, and it is money going from our Exchequer. How many hospitals and schools could we have built for that? I do not know the precise answer; it is a rhetorical question. In 2007, the tax havens of Guernsey and Jersey were investigated by our Serious Fraud Office in one of the biggest corruption investigations in African history. These things often join up; the money moves around.
The point is clear: the very structure of the laws pertaining to finance in these places, coupled with their deliberate adoption of complex and opaque institutional structures, is crying out for reform. Globally, these dependencies are at the heart of undermining the rule of law—something that we hold dear—in other countries due to the corruption that they facilitate. Their laws therefore clearly need to be changed, and there is undeniable scope for us to change them. As my right hon. Friend the Member for Barking (Dame Margaret Hodge), who is sadly absent, has said, there is a moral case for us to act, even if there might not be an identical incident in which we have so acted. My right hon. Friend the Member for Don Valley referred to polling that shows enormous public support for such an approach—some 80% of people in a recent poll.
The Bill Committee was told that public registers are not an international norm and that our Crown dependencies and overseas territories are somehow exemplars because they have adopted closed registers of beneficial ownership. Lamentably, that might look like a bit of an alternative fact—dare I say that. I have here a piece of paper—in fact, it is three sheets stapled together—with a list of 46 jurisdictions. Those countries are all dependencies of G20 nation states, so they are in a similar constitutional position to our overseas territories and Crown dependencies, and they all have centralised registers of beneficial ownership. Shall I read out all 46, or does the House want just a smattering? They are: the Ashmore and Cartier Islands, Christmas Island, the Cocos Keeling Islands, the Coral Sea Islands—
Order. The hon. Lady is not going to read out all 46, is she? She has made her point most eloquently, so there is no need to list all 46. We do not read long lists in this Chamber, and the House has got the point she is making.
I am most grateful for that clarification, Madam Deputy Speaker. Some of those on the list are the DOM-TOMs—the départements d’outre-mer and the territoires d’outre-mer—so there is a long list, including Guadeloupe and Martinique, but I shall move on.
It is a bit of a nonsense for the Conservative party to claim that the overseas territories and Crown dependencies are leading the world in financial transparency because of the creation of central registers if 46 other dependencies are doing that already. Not only have some been incredibly slow to catch up with the aforementioned countries, but some of our Crown dependencies and overseas territories are among the worst offenders and have not adopted centralised registers, let alone made them public. More accurately, they have adopted platforms.
The Government ask us to believe that the British Virgin Islands or the Cayman Islands will be able to police their own financial businesses by relying on those businesses, which facilitate crime. It is asking them to mark their own homework and to be judge and jury. Call me a cynic, but I doubt that that is a workable solution. Do we really believe that anonymous companies in the British Virgin Islands—which, for example, allowed the former wife of a Taiwanese President to illicitly purchase $1.6 million of property in Manhattan—would be capable of policing themselves?
There are several other examples. Would Alcoa, the world’s third largest producer of aluminium, be capable of policing itself when it has used an anonymous company in the British Virgin Islands to transfer millions of dollars in bribes to Bahraini officials? Would the anonymous British Virgin Islands-based company used by Teodorin Obiang, the son of the President of Equatorial Guinea, really be capable of policing itself when it allowed him to squirrel away $38 million of state money to buy a private jet? It was thanks to the US Justice Department that he was caught. The Government’s protestation that we are working with the territories and dependencies, and that we are 90% of the way there, is at best highly questionable.
(8 years, 5 months ago)
Commons ChamberOrder. We do not have time for long interventions.
My hon. Friend puts it very well. He anticipates my new clause 32, which is about the fairness of the rural support zone. I know the constituency of the right hon. Member for Chesham and Amersham (Mrs Gillan) well, because she and I were on the same ballot paper in 2005. She represents a rural constituency, but the urban and suburban constituencies, such as mine and that of my hon. Friend the Member for Hammersmith (Andy Slaughter), are not treated the same as rural support zones. I believe that needs to be looked at.
One house in my constituency has a zero valuation—you could not make this up. Someone wanted to re-mortgage a house in Wells House Road, and the mortgage valuer came up with zero. That would not happen elsewhere. For the sake of fairness, that should be looked at. There seems to be a wrong assumption—[Interruption.] Madam Deputy Speaker, I am aware that there is about to be a vote, so I will say my last sentence. We should not accept that suburban or urban dwellers should simply put up with it. I urge Members to support my two new clauses.
(8 years, 8 months ago)
Commons ChamberOrder. We cannot have conversations between Members. If the hon. Gentleman is intervening, that is absolutely fine, but we cannot have a running commentary between Members.
Thank you, Madam Deputy Speaker. I will continue.
Now the place is half the size and split into two units, although the takings are thankfully back to normal. As my hon. Friend the Member for Croydon North said, further follow-up financial support should be considered at local government level. I have not found any measure proposing that in the Bill, although perhaps I have not looked at it closely enough. Ealing council’s panel report said that larger sums were available in subsequent phases—£157,426 of allocations in total.
I accept that the problem with these sort of events is that they are unforeseeable. Nobody would have guessed on 7 August that this would have happened by 8 August: these things occur out of the blue. We are living in a time when local government budgets are being squeezed like never before, so I would be interested to hear how this Bill fits with local government provision. Ealing is losing £96 million in this parliamentary term.
Clause 8 sets the limits for damages at £1 million, as the hon. Member for Dudley South described. Disappointingly, however, subsection (2) states that the
“compensation must reflect only the loss directly resulting from the damage”
to the property and
“not…any consequential loss resulting from it.”
That is disappointingly short of what Ravi and others said would have made a real difference. Perhaps in extreme cases such as these, an agreement could be reached with the insurers for a limited amount more. It need not all come as a burden to the public purse, as some allowance could be made for special cases.
(8 years, 9 months ago)
Commons ChamberOrder. If the hon. Lady was not speaking to the motion, I would stop her.
We need to look at tax credits in a wider context. There is the four-year benefit freeze, and the reduction in the household benefit cap. New claimants are no longer entitled to the “family element” of tax credits and, controversially, there is the proposal that, after April 2017, families will not be able to claim for their third child. I cannot imagine that happening in any other policy area. Can Members imagine the Government saying that a third child could not go to school? If such a policy had been in place, my sister Connie would never have been educated.
A number of millionaire Tory lords voted on Monday to cut help for Britain’s poorest workers. Lord Lloyd Webber was even flown in from New York for the vote. It did seem as though the Government were throwing the kitchen sink at this whole issue. There is growing awareness of the consequences of such a measure. Etched into the consciousness of those on the Government Front Bench should be the words of that caller who phoned in to that programme before the election, or the words of the woman who cried on “Question Time” the other night. Through old and new media, we have all received hundreds of messages on this point so we await the next instalment, the autumn statement. I hope that kids have been saved the unseasonable tidings of the notices that would have been plopping onto doormats at Christmas.
At the very least, the Government should publish a full impact assessment of their cumulative cuts to tax credits and benefits in the so-called emergency Budget. The Prime Minister said at his own conference that it is not pounds and pence but people that fire him up. Those 6,500 children in Ealing Central and Acton are real people with real lives, not columns on a spreadsheet. Some 70% of the money that the Treasury will save will come from working mums, so I urge the Government to reconsider their proposals and protect those on the lowest incomes.