Geraint Davies
Main Page: Geraint Davies (Independent - Swansea West)Department Debates - View all Geraint Davies's debates with the HM Treasury
(9 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Danny Alexander
The hon. Gentleman is absolutely right in both things that he says. The Financial Secretary’s announcement represented very important further progress, but if we look back over the past five years, we see that the relentlessness of our pursuit of measures to crack down on avoidance, be it the general anti-abuse rule in the tax system, the disclosure of tax avoidance schemes regime, the monitoring regime that we are putting in place or the measures to increase prosecutions for tax evasion, has made it clear that there is absolutely no tolerance for aggressive tax avoidance and tax evasion in this country.
Geraint Davies (Swansea West) (Lab/Co-op)
The Chief Secretary will know that 10% of UK wealth is held in offshore bank accounts, which is a much higher proportion than in the United States, so why is he not focusing on that tax avoidance and evasion, at a time when 65% of people on jobseeker’s allowance in Swansea have been sanctioned and are living on a pittance? It is a disgrace.
Danny Alexander
The hon. Gentleman clearly was not listening to my first answer, because we have put in place something unprecedented: working with our colleagues in other countries, the common reporting standard will mean that more than 90 countries will be automatically exchanging information on offshore accounts, so that HMRC has the information it needs to find and pursue offshore tax evaders successfully. We need to make further progress on how we deal with organisations that encourage, promote or facilitate tax evasion. I have said I want to see further work done on that, and I am sure we will be hearing more about it soon.