Corporate Transparency and Economic Crime

Debate between Kwasi Kwarteng and Liam Byrne

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

I think my hon. Friend is right. There is always a balance to be struck in legislation of this sort, but I think that, as he takes the temperature of the House, there is a real feeling that we need to expedite it. I feel confident that it strikes the right balance between fairness and transparency, and will not be overburdening people with bureaucracy.

[Liam Byrne (Birmingham, Hodge Hill) (Lab)]

This is at best a half measure. Companies House has 11,000 shell companies where there is no person of significant control registered, yet there have been only 112 prosecutions, which is just 1%. We have 12 different agencies in charge of economic crime, there is no Minister with clear responsibility, and the National Crime Agency says that its budget needs to be doubled. Irony of ironies, journalist Tom Burgis is being taken to court this Wednesday for daring to reveal the truth about the corrupt company ENRC; our courts are being used as arenas to shut down journalists. We need a far bigger, bolder plan from the Minister.

[Kwasi Kwarteng]

What the right hon. Member says about Companies House reform is not accurate at all. This set of measures will be the biggest reform to Companies House in 200 years. It is something significant. It has not been done in 200 years and it is something which we are very proud to have expedited—[Laughter.] I would have thought there would be a bit more recognition of the fact that this is vitally important legislation that is going to be brought in in a timely way.

Amendment of the Law

Debate between Kwasi Kwarteng and Liam Byrne

Tuesday 29th March 2011 Commons Chamber

[Mr Liam Byrne (Birmingham, Hodge Hill) (Lab)]

I know that the Secretary of State learned some time ago that attack is the best form of defence, but I expected him to do a better job of defending the Budget that we heard last week. The Budget debate started with no acknowledgement that growth was coming down—and the same is true of its conclusion. The right hon. Gentleman refused to admit that this so-called Budget for growth has knocked 0.5% off the rate of growth this year and next, put unemployment up by 200,000, and is putting the benefits bill up through the roof—and he seems to think that we are the ones in denial.

A fortnight ago, the Minister of State, Department for Work and Pensions, the right hon. Member for Epsom and Ewell (Chris Grayling), who has responsibility for work, was rolled through the television studios and asked to give his progress report on how well the Chancellor had done in his first year. He was asked to report on how good a job the Chancellor was doing of getting the country back to work. Fifteen months after the end of the recession, the House could be forgiven for expecting unemployment to be falling rather than rising. However, at the very point when unemployment should be falling, the Minister was forced to report that it was actually rising. He decided to choose his words very carefully. He said that the jobs market was “stabilising”.

Last week it was left to the Chancellor to tell us that the jobs market was doing nothing of the sort. He did not dare spell it out, but in the fine print of the Budget we learned the truth: this is not even the beginning of the end. His first year has gone so well that unemployment, which should be falling, is set to rise until the summer. In fact, it is not expected to fall below 2.5 million until way through next year. Now we face the prospect that unemployment is not going to fall below 2 million for the rest of this Parliament.

[Kwasi Kwarteng (Spelthorne) (Con)]

Will the right hon. Gentleman give way?

[Mr Byrne]

Perhaps the hon. Gentleman can tell us what he thinks of that.

[Kwasi Kwarteng]

Will the right hon. Gentleman remind the House which member of the previous Cabinet wrote a note saying, “There’s no money”?

[Mr Byrne]

I would rather have written a bad joke in public than a bad Budget in public.

Now we know—and now the Secretary of State has been forced to admit—that unemployment is not going to fall below 2 million. He will remember, just as we remember, the last time that happened. For those with long memories, what has happened is all too familiar. The last time the Tory party was in office, it took a couple of years to get unemployment above 2 million, but after that it did not fall below 2 million for 18 years, until the Labour party was elected in 1997. Now the Government have decided that that record of the 1980s is worth a rerun, or something of a repeat, because there is one thing that has not changed: the Conservative party still believes that unemployment is a price worth paying.