Tax Avoidance and Evasion

Jeremy Lefroy Excerpts

Tuesday 14th November 2017 Commons Chamber

[Mr Mitchell]

My hon. Friend makes a good point. I specifically exclude Gibraltar from what I am saying because it is not an example of what we are talking about.

Time is short. My final point is that the United Kingdom led on the 0.7% target. Around the world, the United Kingdom is looked to for leadership on international development. International development is part of this Parliament’s identity, it is who we are and it is part of global Britain. We have an obligation, not least to our own taxpayers, to champion transparency and openness and to have zero tolerance towards corruption.

When we first came into government in 2010, the Department for International Development led the way with its transparency guarantee. We openly published all expenditure above £500 on the internet. It may be a cliché, but sunlight really is the best disinfectant. That is at the heart of what we are talking about today.

[Jeremy Lefroy (Stafford) (Con)]

I support what my right hon. Friend is saying. Does he agree that the future market for financial services is huge and that jurisdictions with that level of transparency will attract vast amounts of business precisely for that reason?

[Mr Mitchell]

My hon. Friend is absolutely right. The first of my two points was about trying to tackle head-on the counter-arguments that are sometimes made by some territories.

On tackling and having zero tolerance towards corruption, in 2010, when I had responsibility for international development, we targeted funding specifically at the City of London police, which has expertise on pursuing and recovering stolen funds. We should do as much of that as possible.