Barclays ruling sad day for democracy - Cable

2.14.13pm GMT Thu 19th Mar 2009

Commenting on Barclays Bank winning a continuation of a court order preventing publication of documents relating to a tax avoidance plan, Liberal Democrat Shadow Chancellor, Vince Cable said: “This is a sad day for democracy. Gordon Brown is calling on the G20 to outlaw tax havens, but is doing nothing about their use right under his nose.

“British taxpayers are being asked to underwrite Barclays’ loans. I believe full disclosure of these documents, showing how Barclays use tax havens for tax avoidance, would be in the public interest.

“Banks use the finest legal brains money can buy to avoid tax, but HMRC is underpaid and overstretched, so it is far from a level playing field.

“I have sent these documents to HMRC officials, who must read and use them all now.”