Oral Answers to Questions

Nigel Mills Excerpts

Tuesday 12th September 2017 Commons Chamber

[Greg Clark]

My hon. Friend makes an excellent suggestion. There are particular opportunities for start-ups and smaller businesses to locate in rural areas, where premises may be more available than in towns. Clustering them together so that they can support each other is an excellent suggestion and I will take it forward.

[Nigel Mills (Amber Valley) (Con)]

15. What steps his Department is taking to increase transparency in the property market.

[The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Margot James)]

Knowing who ultimately owns and controls a company is crucial in the global fight against corruption, and the UK is leading by example. Our public register of company beneficial ownership went live in June 2016.

[Nigel Mills]

Will the Minister confirm whether the Government will proceed with the public register of companies that own high-value property in the UK and whether we will still see it in April 2018, as intended?

[Margot James]

We published a call for evidence on the proposal to create a new register showing the beneficial owners of overseas companies that own or buy property in the UK. The responses are currently being analysed, and we will publish a response in due course.