Taxation: Deficit Reduction

Lord Newby Excerpts

Thursday 28th October 2010 Lords Chamber

[Lord Sassoon]

My Lords, I will cite the latest figure this week for quarterly growth in the economy. The naysayers said that growth in the last quarter would be 0.4 per cent, but it was 0.8 per cent, coming on top of 1.2 per cent in the previous quarter. With more than 300,000 new private sector jobs created in the second quarter, that is the way in which we will deal with the economic situation.

[Lord Newby]

My Lords, I am sure that the whole House will welcome the announcement this week of an agreement between the UK and Switzerland to tax adequately for the first time bank accounts held in Switzerland by UK citizens. Will the Government press for these accounts to be taxed at 50 per cent, equivalent to what these people would be paying on their income if they were living here and their accounts were here?