Tax Avoidance (HSBC)
Debate between Emily Thornberry and George Osborne(9 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Mr Osborne
Well, we have taken a much more aggressive approach. As a result, prosecutions are up fivefold. I have the following parliamentary answer from the then Chancellor, the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown), and this is what he told the House:
“Where serious tax fraud has been committed, the Board”—
the Inland Revenue board—
“may accept a money settlement instead of pursuing a criminal prosecution.
The Board will accept a money settlement and will not pursue a criminal prosecution, if the taxpayer, in response to being given a copy of this Statement by an authorised officer, makes a full and complete confession of all tax irregularities.”—[Official Report, 7 November 2002; Vol. 392, c. 784W.]
That was the approach of the right hon. Member for Kirkcaldy and Cowdenbeath to tax policy. [Interruption.] The shadow Chancellor says it was before 2000, but the revelations were made in 2009, and the last time I checked there was a Labour Government in late 2009 and early 2010.
Emily Thornberry (Islington South and Finsbury) (Lab)
Will the Chancellor finally seriously consider the issue of corporate liability for the criminal actions of employees? This would mean that banks could themselves be prosecuted. Would he like a copy of Labour’s policy review on tackling serious crime and white-collar crime that I launched two years ago? I have a copy here; he can have a read of it. I suggest a change in the law.
Mr Osborne
Unfortunately for the hon. Lady, the Labour party had 13 years when they had a Labour Chancellor standing at this Dispatch Box able to introduce all these things she talks about. As I have said, we are looking very seriously in the Budget at what further action we can take to tackle not just those who evade their taxes, but those who facilitate that evasion.
Oral Answers to Questions
Debate between Emily Thornberry and George Osborne(13 years, 6 months ago)
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Mrs Linda Riordan (Halifax) (Lab/Co-op)
6. What assessment he has made of potential trends in the level of debt as a proportion of gross domestic product to 2014-15.
The Chancellor of the Exchequer (Mr George Osborne)
This Government inherited plans that had Government debt rising as a share of GDP in 2014-15. Thanks to the credible plan that we have put in place, debt is now forecast to be falling in that year.
Emily Thornberry
Would the Chancellor of the Exchequer like to take this opportunity to explain why the Office for Budget Responsibility now says that the Government will need to borrow £46 billion more than was estimated a few months ago? Would he also like to take this opportunity to accept that, by cutting too far and too fast, we will fall into a vicious circle that will make it more difficult to pay off the deficit in the long term?
Mr Osborne
The public finance figures are out today, and they show that the British economy and the British Government are on track to reduce the budget deficit, as we forecast in the Budget. On a day like this, in a week like this, for the Opposition to suggest that we should abandon our credible deficit reduction plan shows how out of touch they are with what is going on in the world today.