Cable: Barclays tax documents in public interest
March 17, 2009 12:39 PM
Originally published by UK Liberal Democrats
Originally published by UK Liberal Democrats
Liberal Democrat Shadow Chancellor Vince Cable today criticised Barclays for obtaining a court order banning The Guardian from publishing documents showing how the bank set up companies to avoid paying hundreds of millions of pounds in tax.
He has offered to provide a witness statement to support the press in court.
Liberal Democrat Leader Nick Clegg will later today meet with the Group CEO of Barclays, John Varley, where he will discuss a number of issues including tax avoidance.
Commenting, Vince Cable said:
"These documents are clearly of immense public interest, suggesting as they do a systematic attempt to avoid paying tax.
"At a time when banks are receiving massive support from the Government, the public has a right to know if those same banks are also trying to avoid paying their tax bills.
"Barclays is negotiating for substantial government backing under the Asset Protection Scheme. The Government must make it an absolute pre-condition that tax avoidance at the expense of the taxpayer should stop.
"The scale of tax avoidance by banks has not been previously exposed because it is so hard to report on. These documents provide chapter and verse on the banks' activities. Banks have been able to hide behind commercial confidentiality and threats of legal action to prevent their tax avoidance becoming known.
"There needs to be an open discussion of the banks' tax avoidance and its role in causing the financial crisis. Allowing independent tax professionals to examine these documents is vital to regulating the banks in a way that properly protects the UK taxpayer."
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