Engagements

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 11:30 am on 27th January 2016.

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Photo of David Cameron David Cameron The Prime Minister, Leader of the Conservative Party 11:30 am, 27th January 2016

But we have put in place the diverted profits tax, which means that this company and other companies will pay more tax in future. They will pay more tax than they ever paid under Labour, when the tax rate for Google was 0%. That is what we faced.

Let me tell the right hon. Gentleman what we have done. We have changed the tax laws so many times that we raised an extra £100 billion from business in the last Parliament. When I came to power, banks did not pay tax on all their profits—allowed under Labour, stopped under the Tories; investment companies could cut their tax bill by flipping the currency their accounts were in—allowed under Labour, stopped under the Tories; and companies could fiddle accounting rules to make losses appear out of thin air—allowed under Labour, stopped under the Tories. We have done more on tax evasion and tax avoidance than Labour ever did. The truth is that they are running to catch up, but they haven’t got a leg to stand on.