Economy: Remittances

Viscount Waverley Excerpts

Thursday 4th February 2021 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

My Lords, we are committed to working with the World Bank. It is noticeable that the World Bank has talked about the challenge of the decline in remittances. Across the key countries, including in sub-Saharan Africa, we are working to ensure prioritisation of access and looking at more innovative schemes. Last year, as my noble friend will recall, we launched an initiative with Switzerland in this respect.

[Viscount Waverley (CB)]

My Lords, I offer the Minister an innovative idea, to which he referred. Given the pressure on overseas development budgets and programmes to create growth and employment, might it be time to consider that the global tax system should be turned around and restructured, whereby taxes are not paid to a country where a company is domiciled but remitted to, or shared with, the origin country in which a purchase was placed or a service delivered? Would the Minister conceivably advance this thought to the powers that be as a possible G7 discussion over a Cornish pasty?

[Lord Ahmad of Wimbledon (Con)]

I assure the noble Lord that I will do just that.