Economic Crime: Planned Government Bill

John Penrose Excerpts

Wednesday 26th January 2022 Commons Chamber

[Paul Scully]

I thank the hon. Gentleman for his comments. Our appetite for tackling economic crime remains undiminished, as it does with Companies House reform, which has been well trailed and well considered. We will continue to work in this area, but I cannot pre-empt what Her Majesty will say in the Queen’s Speech.

In terms of the bounce back loans, the Economic Secretary to the Treasury, my hon. Friend the Member for Salisbury (John Glen), made it clear in the House that HMRC did not produce the figure of £4.3 billion, and the money has not been written off. The figure was an inference by journalists, who subtracted £1.5 billion—the estimate of the amount to be recovered by taxpayer protection—from the £5.8 billion that was estimated as error and fraud in 2020-21. It was publicised before Christmas. Our Department continues to work with our fraud measures with partners in Government, the British Business Bank and all the partner banks who issued this money in the first place.

[John Penrose (Weston-super-Mare) (Con)]

I appreciate that the Minister cannot be tempted to comment on what might or might not be in the Queen’s Speech, but based on what Lord Agnew said, if it were to be true, I please urge the Minister to consider that it will be about as popular as a cup of cold sick with anyone out there who is concerned about the fight against corruption or the fight for transparency. The well of excuses after three or four years of promising this piece of legislation or its related pieces has now run dry. This legislation is essential for the credibility of this country and this Government, particularly when we have a crisis in Ukraine and all sorts of Russian oligarchs waiting to move money into this country if they can, and when there are fundamental questions, as we heard in Prime Minister’s questions, about Westminster today. It is essential that we do not back away from this central piece of legislation, which is a touchstone issue for many stakeholders out there.

[Paul Scully]

I appreciate my hon. Friend’s work in tackling corruption and encouraging further transparency, which we have had several conversations about. We remain undiminished in our approach to tackling economic crime, for the reasons that he has given, and to Companies House reform, too. We will work with the Home Office and the Treasury to make sure we can get these measures in place as soon as possible.