Oral Answers to Questions

Emma Dent Coad Excerpts

Tuesday 21st May 2019 Commons Chamber

[The Economic Secretary to the Treasury (John Glen)]

As my hon. Friend knows, the FCA is conducting two investigations into the events at HBOS Reading and Lloyds has instructed Linda Dobbs to look into who knew what when. It is absolutely clear now that such circumstances could not be repeated given the action we have taken with the senior managers regime, but I look forward to the outcome of those reviews and we will be taking action accordingly.

[Emma Dent Coad (Kensington) (Lab)]

T5. According to the Sunday Times rich list the 10 wealthiest people in the country have a combined wealth of £143 billion; half of them live in my constituency. Meanwhile, according to the Child Poverty Action Group, across Kensington and Chelsea 8,500 children—37%—live in poverty, and in one ward nearly half do. Inequality in my constituency is getting worse. When will the Chancellor reverse this trickle-up economy by chasing tax-dodging plutocrats who are stealing food from the mouths of our children, many of them from working poor families?

[Mr Philip Hammond]

We are chasing tax dodgers everywhere. [Interruption.] Yes, we are. We have raised £200 billion of additional revenue since 2010 by clamping down on tax avoidance and evasion. Yet what did I hear when I came into the Chamber today? I heard Labour Member after Labour Member challenging my right hon. Friend the Financial Secretary to the Treasury about the loan charge, a clear attempt to deal with a piece of egregious tax avoidance which Opposition Members seem to have a totally different view about.