Business of the House

Tessa Munt Excerpts

Thursday 20th June 2013 Commons Chamber

[Mr Lansley]

The Government are not struggling to produce a Bill; we have set out the timetable and will introduce a Bill before the summer recess. The clauses for a Bill were published previously and were the subject of a consultation last year. In that context, it is a bit rich of the Labour party to talk about wanting cross-party talks on the issue, when no Labour MP, including those on the Opposition Front Bench, supplied any response to the Government consultation on the clauses that we published.

[Tessa Munt (Wells) (LD)]

Some 99% of all UK limited companies have beneficial owners who are exactly the same as the legal shareholders disclosed on the Companies House website, and many people—including the Prime Minister and Will Morris, the head of tax at CBI—have expressed their preference for putting company beneficial ownership into the public domain, because the “many eyes” principle keeps data honest. Will the Leader of the House agree to a debate on the impact of an open, public register of company beneficial share ownership on UK businesses, and agree that that would not be onerous?

[Mr Lansley]

My hon. Friend makes a good point. She will recall that in response to questions following his statement on the Lough Erne declaration yesterday, the Prime Minister made clear his wish to see that register of beneficial ownership completed, published and made publicly available, not only in this country but in a number of countries. That multilateral, international approach extends not only to the G8 but beyond to developing countries, and, as the Prime Minister said, it was recognised as important by a number of Heads of Government of African nations who attended the lunch on Tuesday. Such an approach can make a big difference to rooting out corruption and promoting economic development in developing countries.