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Osborne Defends UK Government’s Response To HSBC

George Osborne

Chancellor George Osborne has said that its not his  job to investigate HSBC.

He has referred to political non-interference as being the bulwark of freedom in the country for hundreds of years.

The Chancellor said: “I don’t think it would be right – and actually when you pause to think about it I think most people would agree – I don’t think it would be right for a chancellor of the exchequer to direct prosecutions against individuals or individual companies.”

“The matter should be left for tax officials to investigate”, he  has been quoted as saying.

  • Osborne said allegations that London-based HSBC’s Swiss division helped clients in more than 200 countries dodge taxes on accounts containing 180 billion euros ($204 billion) were “very serious,” but that he should not be “directing the prosecutions.”
  • “There are very serious allegations, there are allegations around tax evasion, which is illegal,” he said.

Read more>>>au.news.yahoo.com

  • HSBC’s Swiss arm was searched by prosecutors on Wednesday as part of a new money-laundering investigation, amid reports the bank helped clients dodge significant amounts of tax but hiding funds overseas.
  • HM Revenue and Customs has been criticized for only prosecuting one person of out the 1,100 discovered to owe tax.
  • The government has been accused of not taking enough action over the 30,000 accounts holding £78bn of assets and making HSBC’s former boss a minister.

Read more: osborne-says-it-s-not-his-job>>>sharecast.com

Edmondo Burr

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BA Economics/Statistics CEO Assistant Editor