Basel 3.1 Debate

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Department: HM Treasury

Basel 3.1

Lord Purvis of Tweed Excerpts
Thursday 3rd April 2025

(2 days, 4 hours ago)

Lords Chamber
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Lord Livermore Portrait Lord Livermore (Lab)
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We very much support small businesses, and we will do all that we can to support them in this economy. We will come forward soon with a small businesses strategy that will set out this Government’s approach. I do not think that the delay to Basel 3.1 is directly relevant to that issue. It is about ensuring that we have a level playing field and that we maintain the competitiveness and growth objectives that we have set out.

Lord Purvis of Tweed Portrait Lord Purvis of Tweed (LD)
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My Lords, further to my noble friend’s question, this will apply to businesses that are making more than €20 billion in profits, operating within the United Kingdom and not paying their fair share of tax here. Why are the Government asking another country—under the Trump Administration—to have a veto over how we tax businesses that are operating in the UK for our benefit?

Lord Livermore Portrait Lord Livermore (Lab)
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Quite simply, we are not.