Lord Foulkes of Cumnock
Main Page: Lord Foulkes of Cumnock (Labour - Life peer)Department Debates - View all Lord Foulkes of Cumnock's debates with the HM Treasury
(9 years, 2 months ago)
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Lord Newby
My Lords, there are 10 minutes for everybody, so let me be brief. I agree with my noble friend in her core view. I have not read in any detail what my noble friend Lord Macdonald has said, but HMRC has made it clear that now that the restrictions on the use of the information from France have been lifted, it is looking closely at that new information and will refer cases to the CPS for prosecution as appropriate. I think that bonuses at HSBC are matters for its board and shareholders.
Lord Foulkes of Cumnock (Lab)
My Lords, that really was an astonishing and disgraceful Statement. I heard it in the House of Commons, and it was outrageous how the Chancellor tried to portray Labour as the friends of the tax evaders. If that is the case, why is it that £5 million has been given by HSBC to a political party—not the Labour Party but the Tory party? Why is it that there are three Peers who are either members of the board or advisors to HSBC—not Labour Peers but Tory Peers? Perhaps I can remind the Minister that in the July my noble friend Lady Royall and I raised a question about the appointment of the noble Lord, Lord Green of Hurstpierpoint. The noble Lord, Lord Strathclyde, and others pooh-poohed the question and said that there was no need to worry about it. Now we are being told that we did not raise it at the time. I raised it because the noble Lord never turned up at the House, and that is why I dubbed him the Scarlet Pimpernel. He really has to come and face the music about his role as the chair of HSBC.
Lord Newby
My Lords, I am sure that the noble Lord, Lord Green, like many other noble Lords, will read the noble Lord’s comments with great interest.
Lord Newby
My Lords, the important thing to note is that the problems that we are now looking at—never mind who was in government—arose before the new regulatory regime was in place, before the banking industry itself set up its new standards body, and before there was the kind of scrutiny of what is happening in the banks that there is now. Everyone agrees that there needs to be a change of culture in the banks, including many who are in senior positions in those banks. I agree completely that Parliament has a role to play in calling the banks to account, and I hope that both Houses will continue in it.