G8 Summit

Lord Kilclooney Excerpts

Wednesday 19th June 2013 Lords Chamber

[Lord Hill of Oareford]

Yesterday, at some length, and earlier today, the Prime Minister set out what that means: were the Government to decide that they wanted to arm the rebels—which they have not—it would be subject to a vote.

[Lord Kilclooney]

My Lords, coming from Northern Ireland, perhaps I may say how delighted I am at the success of the G8 conference in County Fermanagh. It has promoted Northern Ireland as a stable society. It has been good for our tourism. We should pass on from Northern Ireland our appreciation to the Prime Minister for selecting Northern Ireland as the part of the United Kingdom where the G8 conference would be held. Is the Leader of the House aware that this has been not only good publicity for Northern Ireland but also successful economically? In the past 10 days we have had another 1,500 new jobs announced in Northern Ireland. Just this morning, the Japanese Prime Minister, who remained in Northern Ireland following the conclusion of the G8, announced a further investment of 400 new jobs in County Antrim.

Turning to the question of transparency in our banks, we know that new standards will be introduced. Since international companies within the United Kingdom have been transferring their corporation tax payments to other countries to avoid tax, and British overseas territories have been fingered as possible places to avoid tax, can the Government guarantee that the five small sovereign states within Europe that use the euro—Monaco, San Marino, the Vatican, Lichtenstein and Andorra—will be subject to the same standards of transparency?

[Lord Hill of Oareford]

My Lords, I had not heard those latest figures on Northern Ireland, and I am delighted to hear them. They are further evidence of the benefits of holding the G8 there and the wisdom of doing so. I am very grateful for the remarks made by the noble Lord. On his more general point about tax avoidance and so on, this whole approach will clearly only work if it is applied on a level basis across all countries. The aim of much greater transparency is at the heart of this approach. An example is publishing information on where countries pay tax in order to work out where the profits are. Trying to make that approach across a broad front lies at the heart of what was agreed at the G8.