Liz Kendall
Main Page: Liz Kendall (Labour - Leicester West)Department Debates - View all Liz Kendall's debates with the Cabinet Office
(8 years, 8 months ago)
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The Prime Minister
I am interested to see that the right hon. Gentleman has conducted a U-turn because recently he has been suggesting taking control of these territories. I can now see a use for the nuclear submarines as they head off towards the Isle of Man, and as the Corbyn invasion force begins to mass to take over this territory. It is much more sensible to get them to do the things they ought to be doing.
Liz Kendall (Leicester West) (Lab)
Why does the Prime Minister think so many companies are registered in Panama in the first place, not in London or New York?
The Prime Minister
The reason why a lot of unit trusts register in different countries—a number of them have been named; right now, many of them are registering in Dublin—is that they want to be able to market their services not simply to UK residents, who pay UK taxes, but to other people. That is why, if we look at the Inland Revenue and the way it arranges this, it actually wants to make sure that UK fund managers can be involved and pay their taxes in the UK, and we can build the investment industry that this country can rightly be proud of.