Tax Havens - Question

Part of the debate – in the House of Lords at 11:06 am on 6th April 2017.

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Photo of Lord Sharkey Lord Sharkey Liberal Democrat 11:06 am, 6th April 2017

I thank the noble Lord for that Answer. Last week, Oxfam’s report revealed that last year five UK banks made £9 billion in profit in tax havens, which was 67% of their global profits. Half a billion pounds of this profit was made in UK-linked tax havens, where the banks paid just 7% in tax. What estimate have the Government made of the loss to the Exchequer of profit shifting by UK-based companies?