What steps he is taking to reduce the incidence of tax avoidance.

We have taken action domestically and internationally to change the game for those who bend rules on tax. We detect avoidance early, we tackle it quickly and the tax avoidance disclosure system introduced in 2004 has helped to close more than £12 billion in avoidance opportunities.

The Tax Justice Network has done the world a great service in producing its global index of secrecy, which reveals the most secretive financial centres-the City of London being the fifth worst. Why cannot we take an international lead in tackling tax avoidance by first ending the clandestine and corrupting culture that permeates the City of London?

We have led work internationally in the G20 on tackling tax evasion and have won plaudits from many for doing so. Her Majesty's Revenue and Customs will be setting up a dedicated tackling tax evasion unit to target those with offshore bank accounts who do not come forward under the current new disclosure opportunity-I believe that my hon. Friend will welcome that. In the G20, we have led a dramatic change on tax havens-there has been a huge amount of profitable activity-just over the past year.