Taxation: Tax Havens

Lord Forsyth of Drumlean Excerpts

Wednesday 9th January 2013 Lords Chamber

[Lord Newby]

My Lords, the accounting rules are internationally based and it makes sense to change them on an international basis. That is why we, France and Germany, between us, have given €450,000 over recent months to the OECD to come forward with proposals to deal with this issue. Those proposals will come forward and there will be a progress report in February. There is a strong head of steam in this country and in France, Germany and the US to tackle this issue.

[Lord Forsyth of Drumlean]

My Lords, could my noble friend just remind us what action was taken by the last Labour Government between 1997 and 2010—over those 13 years—on tax havens? Is it not extraordinary that we now have such enthusiasm from the Benches opposite to do something, when they had that opportunity and, I believe, did nothing?

[Lord Newby]

My Lords, the Government greatly welcome the enthusiasm from the Benches opposite for the initiatives which we are now taking.