As two former Treasury Ministers, we both know that situation. In these discussions, I strongly urge the Chancellor not to lose the UK’s obvious competitive advantage of being a jurisdiction in which it is easy to incorporate a company. I do not want small businesses to be badly affected by these measures. We all talk in this House of our desire to help small businesses or to cut red tape, but invariably we do the absolute opposite. Tackling corruption and money laundering must not come at the expense of legitimate businesses in our constituencies.
I will leave it there, but my central point to the Minister is that our strong words are not being matched by our actions. If there is anything we can do to legislate further, I urge him to do so. We would not want the UK to be a laggard in not sanctioning the banks and individuals that we all wish to sanction as soon as possible.
5.10 pm