SDLP Foyle MP Mark Durkan has expressed his deep concern over today’s news that HSBC helped wealthy clients dodge millions of pounds in tax.
Mininster Mark Durkan
Mr Durkan, who will attend this week’s House of Commons debate on tax avoidance and is calling for the introduction of a new Tax Dodging Bill (which could raise billions of pounds to help improve vital services in the UK and in developing countries), said:
“We have a bank with a business model which was in effect framing their finances for tax avoidance.
“We were told during the passage of the Financial Services Bill and the subsequent Banking Reform Bill that the new regulatory regime would put manners on banks if they showed dubious form.
“Let’s see what investigation or action is taken in respect of those responsible – including the boss who has since served as a government minister with a seat in the House of Lords.”
Mr Durkan added: “I have hosted preliminary parliamentary meetings in conjunction with Oxfam, Christian Aid and the NUS calling for the introduction of a Tax Dodging Bill to tackle the worst bits of UK tax law that make it easy for big companies to dodge taxes – not only in these islands but also in the world’s poorest countries.
“Importantly, a new Tax Dodging Bill could help raise billions of pounds which would help improve vital services like health, education and roads not only here but also in developing countries – allowing them the opportunity to pull themselves out of poverty.”
“I have also supported the ‘EXPOSED’ global campaign calling on governments worldwide to ensure tighter systems are in place to plug the holes in financial flows, making it harder for corrupt practices to flourish – not least in terms of bribery and tax avoidance.”
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