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Mike Hancock campaigns to bring an end to tax haven secrecy

by Steve Beasant on 15 September, 2012

Liberal Democrat MP for Portsmouth South Mike Hancock is championing Christian Aid’s campaign for more transparency over big businesses’ use of tax havens. More than half of world trade now passes through tax havens displaying the extent of the problem. Indeed, in 2010, some $18 trillion which is one third of the world’s financial wealth was filtered through small island tax havens.

Tax havens adversely affect all countries in terms of lost revenue however; the cost is disproportionate for poorer countries who cannot afford to lose this money. Christian Aid estimates this loss to be around $160 billion per year, which is more than one-and-a-half times the global aid budget. These countries are losing more money as a result of tax dodging than they receive in aid.

Mike Hancock has called on David Cameron to put pressure on other G20 countries to bring an end to tax haven secrecy. A key feature of solving this problem is transparency in companies’ accounts and a bilateral agreement requiring tax authorities throughout the world, including tax havens, to share information about the assets of companies and individuals within their jurisdictions.

Not only would such an international agreement save the UK millions of pounds and give a huge boost to our economy; it would present new trade opportunities for less developed nations whose economies would have been significantly bolstered by the impact of the recouping of these monies.

Mike Hancock will closely monitor the progress of the G20 meetings and whilst he appreciates it is a monumental task, it would also make a monumental difference both here and abroad.

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