Panama Papers

Lord Pickles Excerpts

Monday 11th April 2016 Commons Chamber

[The Prime Minister]

I am not saying that we have a perfect record, but this Government have done more than any previous Government to make this happen. I will answer the hon. Lady very directly: of course our system is based on full disclosure by companies to the Revenue but with a basic deal of taxpayer confidentiality between companies and the Revenue. That is the way our system and most other systems work. That is why the common reporting standards and the exchange of information between tax jurisdictions is so important, to make sure that these companies are telling the truth to us and to other jurisdictions. Only when that happens will we be able to recover the money.

[Sir Eric Pickles (Brentwood and Ongar) (Con)]

The beneficial ownership register that comes into place in just over six weeks’ time, plus the announcement the Prime Minister has made on Crown dependencies and the new criminal act, will do much to deal with tax evasion. If the House will forgive me, let me say that it will do far more to ensure that the proceeds of crime and of terrorism cannot be laundered through this jurisdiction, which is to be welcomed. I think I should do a little ticking off here, because I know, personally, that we would not have got the agreement with the Crown dependencies without his personal intervention and without his being very tough, and he should be congratulated on that. Just fancy, it was actually delivered without a single shot being fired or the Leader of the Opposition putting boots on the ground!

[The Prime Minister]

What my right hon. Friend will remember from his time in government—he is doing a brilliant job as my anti-corruption lead—was that we got the Crown dependencies and the overseas territories around the table in the Cabinet room, on the same day as the trooping of the Colour, I believe, and said, “We have to make these changes. You don’t have to go all the way to publishing registers, although that is what we would like, but you have got to make this information available.” As he says, that will mean not only more tax paid, but greater ability to uncover corruption.