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Treasury: Offshore Funds

Treasury written question – answered on 13th February 2020.

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Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask the Chancellor of the Exchequer, how much money his Department paid into offshore bank accounts in the financial year 2018-19.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

In 2018-19 the Department made £2m of foreign payments to suppliers, all of which were made to the countries where the suppliers have operations.

In 2018-19 the Department made £13k of foreign salary payments, all of which were made to the countries where the employees were resident in at the time.

All suppliers and public office holders are expected to comply with the law as it applies to offshore banking activity.

Ministers and Civil Servants also uphold the standards of conduct as set out in the Ministerial and Civil Service Code respectively, as well as the seven principles of public life.

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