Corporate Transparency and Economic Crime

Debate between Liam Byrne and Kwasi Kwarteng

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.