G8

Mark Durkan Excerpts

Wednesday 19th June 2013 Commons Chamber

[The Prime Minister]

My hon. Friend makes an important point. Of course, if Britain wanted to leave the European Union, we could do so and we could then make trade deals with every country in the world. Obviously that path is open to us. The argument that I would make is that, as part of the European Union—the world’s largest single market—we have the opportunity to drive some quite good deals. Clearly we sometimes have to make compromises with EU partners with whom we might not agree, but I would argue that, on balance, membership of the single market brings clear benefits, as does the negotiating heft that we have. The whole point is that we are going to be able to debate and discuss this, not least in the run-up to a referendum by the end of 2017.

[Mark Durkan (Foyle) (SDLP)]

The Prime Minister will understand that some of us are still seeking assurance that the outcomes from the G8 summit will be as thoroughly welcome and significant as its arrival in Northern Ireland. The Lough Erne declaration contains 10 points, which contain 13 “shoulds” and not a single “shall”. The “G8 action plan principles to prevent the misuse of companies and legal arrangements” provides eight principles containing 17 “shoulds”, one “could” and no “shall”. The provisions will be subject to a process of self-reporting against individual action plans. The UK individual action plan, which was helpfully published here yesterday, sets out 10 points offering standards, most of which should or could have been reached under existing laws and Financial Action Task Force requirements. What confidence can we have that the Prime Minister will ensure that the commitments made yesterday will go the distance?

[The Prime Minister]

This is a journey, and the question is: how far down the road are we? I would argue that we have taken some serious steps down that road by setting out clearly what needs to be done on beneficial ownership, on automatic exchange of information and on international tax standards. If we look at what Britain has done—with the Crown dependencies and overseas territories, for instance—we can see real progress. Is there a lot more to do? Yes. Do we need international reporting on it? Yes. Has the G8 lifted this issue? Frankly, tax transparency and beneficial ownership were academic issues that were discussed in lofty academic circles, but they are now kitchen table issues that are being discussed by the G8 leaders, who have pledged to take action on them.