Treasury

Thursday 22nd February 2024 Ministerial Corrections

Topical Questions

The following is an extract from Treasury questions on 6 February 2024.

[Rebecca Long Bailey (Salford and Eccles) (Lab)]

T2. Many of my constituents whose lives have been destroyed by the loan charge scandal feel the central injustice is that the Government are focused on pursuing the victims rather than the companies responsible. They were dismayed to read recent allegations that individuals linked to such companies have donated hundreds of thousands of pounds to the Conservative party. Will the Chancellor confirm why exactly the Government are ignoring the providers and operators of the schemes? How many have been prosecuted specifically for their involvement in disguised remuneration, and not for other misdemeanours?

[The Financial Secretary to the Treasury (Nigel Huddleston)]

Eighty-five per cent of the funds recovered from the loan charge so far—about £3.9 billion in total —have come from the employees, therefore those who were running those schemes, so the hon. Lady is mischaracterising where we have gone so far. There has been one criminal conviction so far; others are in place. I repeat what I said to the Opposition spokesman, the hon. Member for Ealing North (James Murray), earlier: if they were that concerned about ensuring we go after the wrongdoers, they would have voted with us last night in the Finance Bill.

[Official Report, 6 February 2024, Vol. 745, c. 117.]

Letter of correction from the Financial Secretary to the Treasury, the hon. Member for Mid Worcestershire (Nigel Huddleston) :

Errors have been identified in the response I gave to the hon. Member for Salford and Eccles (Rebecca Long Bailey).

The correct response should have been:

[The Financial Secretary to the Treasury (Nigel Huddleston)]

About 80% of the funds recovered so far from settlement of disguised remuneration schemes including the loan charge—about £3.9 billion in total—have come from the employees, therefore those who were running those schemes, so the hon. Lady is mischaracterising where we have gone so far. There has been one criminal conviction so far; others are in place. I repeat what I said to the Opposition spokesman, the hon. Member for Ealing North (James Murray), earlier: if they were that concerned about ensuring we go after the wrongdoers, they would have voted with us last night in the Finance Bill.