Corporate Transparency and Economic Crime

Robert Neill Excerpts

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

What the right hon. Member says about Companies House reform is not accurate at all. This set of measures will be the biggest reform to Companies House in 200 years. It is something significant. It has not been done in 200 years and it is something which we are very proud to have expedited—[Laughter.] I would have thought there would be a bit more recognition of the fact that this is vitally important legislation that is going to be brought in in a timely way.

[Sir Robert Neill (Bromley and Chislehurst) (Con)]

The Secretary of State is right to draw a distinction between that which needs to be done immediately to deal with the appalling behaviour of Putin and his cronies and the long-term reforms that are really important to the business structures of the United Kingdom, for our competitiveness and for company law as a whole, which should rightly not be rushed. In relation to the more urgent and pressing matters, will he undertake to work closely not just with the City but with the large amount of expertise we have in financial and legal services? For example, the Financial Markets Law Committee and others have a great deal of expertise, particularly around such issues as crypto-currency, and we need to harness that. The City and the financial sector want good regulation, because it is in Britain’s interests to have a clean and effective set-up and we should not be misled by those who suggest otherwise.

[Kwasi Kwarteng]

My hon. Friend is right. This idea that the City of London does not want regulation is a travesty and a disgrace. It is a slur on the reputation of our financial services. He is also right to say that there is a distinction to be drawn between what needs to be done immediately and can be done expeditiously, and other matters that need a great deal of thought and consultation, on which I am happy to engage with him and other colleagues.