Beneficial Ownership Registers: Overseas Territories and Crown Dependencies

Debate between Richard Thomson and Stephen Doughty

Thursday 7th December 2023 Commons Chamber

[Richard Thomson]

Lib? Well, it shows that there is perhaps a future for progressive alliances of one kind or another, Mr Deputy Speaker.

[Stephen Doughty (Cardiff South and Penarth) (Lab/Co-op)]

Maybe on cups of water.

[Richard Thomson]

Yes.

We are regularly invited to believe that the greatest threat to our public services and our quality of life comes not from a lack of resources, but from immigration. Indeed, the governing party is tearing itself to bits today over the difficulties that it has set itself in pursuit of the votes of those they believe might be influenced by such sentiments. I cannot help but feel that we would be in a significantly better place if only the Government put half the effort into clamping down on the opportunities for tax avoidance, evasion and lack of transparency as they put into telling us that there is a problem about boats.

The three countries that ranked highest in the corporate tax haven index 2021, compiled by the Tax Justice Network, were the British Virgin Islands, the Cayman Islands and Bermuda, which is not an accolade to be proud of. Where a score of 100 is the most permissive system and zero is the least permissive, the UK itself scored a less than clever 69. Greece scored 46.4, but seven of the eight territories that scored a perfect 100— I use the word “perfect” advisedly—are British overseas territories or Crown dependencies.

The UK Government and the territory Governments held a joint ministerial council in November, but there has been no statement. Will the Minister update the House on the progress that has been made? How will that affect the December deadline?

In 2014 the Foreign Secretary, who was then Prime Minister, made a number of strides forward in addressing this issue. We on the Opposition Benches are struggling with many things, including my voice, but we can see the benefits that come from Lord Cameron’s appointment. On these matters, we very much hope that he is able to pick up where he left off when he demitted office as Prime Minister.

If not the clock, certainly my voice is telling me that it is probably time to wind things up.