Paradise Papers: Lib Dem leader Sir Vince Cable suggests seizing control on British foreign territories operating as tax havens

Paradise Papers: Lib Dem leader Sir Vince Cable suggests seizing control on British foreign territories operating as tax havens

He spoke to Julia Hartley-Brewer about the release of the Paradise Papers

Tuesday, November 7, 2017

Sir Vince Cable has suggested seizing control of British foreign territories in an effort to eliminate tax avoidance.

A leak of 13.4 million financial documents - dubbed the Paradise Papers - has revealed how the global elite manage their financial affairs. 

Various information pertaining to figures like The Queen and Bono has become public information, revealing how some use tax havens overseas, including some British territories like the Cayman Islands. 

Cable, the Lib Dem leader and MP for Twickenham said seizing direct rule of such territories could deal with this problem. 

He told Julia Hartley-Brewer: "There’s the possibility for sanctions. The ultimate sanction is we impose direct rule.

"We have done this before with the Turks and Caicos Islands when corruption got out of control. It is a mechanism available to us.

“We need to stop these British-dependent territories running amok and making a complete joke of our tax system."

Listen above.

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