Corporate Transparency and Economic Crime

Robert Jenrick Excerpts

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

I am delighted to accept the hon. Lady’s warm words on the Bill. I am delighted that she is supporting it enthusiastically, and I am happy to engage with her on the passage of the Bill and to examine the amendment she has referred to.

[Robert Jenrick (Newark) (Con)]

I warmly welcome the creation of a register of overseas entities. Could my right hon. Friend give us a sense of how long it will take for an effective register to be created? Post legislation, it will presumably take months to establish the register, bearing in mind there are 95,000 foreign-owned properties in England according to the Land Registry and the Government propose to give those owners 18 months to register their ownership.

Secondly, further to the point made by my hon. Friend the Member for Huntingdon (Mr Djanogly), although I strongly support reform of Companies House, today a small businessperson in this country can pay £12 to register their company in less than 24 hours. Whatever we do must be as burden-free as possible to help small businesspeople and entrepreneurs to thrive.

[Kwasi Kwarteng]

My right hon. Friend is absolutely right. He says it may take a few months to get the register up and running, and I am trying to make the process as quick and effective as possible. He also mentions that we must not have a disproportionate effect, that we must not overburden small business people and people who want to incorporate and set up businesses, and we will not be doing that. I would be happy to work with him, as he did brilliant work in government, to make sure the Government get this right.