HSBC helped clients dodge tax, according to documents
Greek PM to continue with austerity reversal
Labour proposes paternity leave extension
Ben Morris
Business Reporter
That's it from the new extended Business live page. Today we focused on the HSBC tax scandal. If you want more, watch Panorama at 20:30 tonight on BBC One. We will return to our usual briefing of business news tomorrow from 06:00. So do come back and thanks to all those who got in touch today.
BBC News Channel
The tax statute is so complicated that it is hard for a layman to grasp the issues, says Fiona Fernie, head of tax investigations at law firm Pinsent Masons on the News Channel. So it can be hard to prosecute such cases before a jury, she says. That's why it can be more efficient to pursue civil settlements.
Stewart Docherty
Live page reader
"I am furious. Enough is enough. At a time of austerity when peoples benefits are getting cut and we are all getting less social and civil provision, it is yet again those that have that are getting away with it, aided by the banks in defrauding the public of legitimate taxes while the public continues to bail them out! Social responsibility and social equality are the biggest issues we face today."
Radio 5 live
Sue Shelley was HSBC Luxembourg's chief compliance officer until 2013, when she was dismissed. She had raised concern over the bank's practices in Luxembourg. People ignored and buried her warnings over compliance, she says on Radio 5 live. She raised specific cases as well as some "fairly systemic problems". So she is "not surprised in the least" over the new revelations from Switzerland.
Radio 5 live
"There has never been anything like this," says Richard Bilton from Panorama on Radio 5 live. He has been covering the HSBC tax scandal story. "The range is incredible ... pop stars, royalty, housewives, students, dentists, doctors," he says. He says the tax evasion was "reasonably straight forward".
HSBC shares closed 1.8% lower. But it was generally a negative day for banking shares. Lloyds Banking Group fell 1.1% and Barclays lost 0.7%.
The debate over HSBC tax avoidance is over. I'm not sure we learned much knew. Treasury Minister David Gauke ducked the questions about Lord Green and what he knew about tax avoidance when he was in charge at HSBC. Labour is demanding a statement from Lord Green.
Louise Cooper
Financial Analyst, CooperCity blog
How bad does it need to get before someone ends up in prison. so far just fines paid for by shareholders.
A Labour MP asks if HMRC or the cabinet secretary interviewed Lord Green over the tax scandal at any time. David Gauke is "not aware" of any interviews.
One conservative MP asks whether HSBC should have a banking licence given its involvement in previous scandals and problems. David Gauke says that's up to the regulators, but "it really is important that the banking industry gets its house in order".
Nick Robinson
Political editor
"Treasury Minister David Gauke keeps avoiding q re what ministers knew re HSBC tax allegations before Green made Lord & minister. Treasury & HMRC refusing to say whether evidence re HSBC passed on to ministers in May '10 BUT much more known then than in 2007"
Financial Secretary to the Treasury David Gauke ducks a Labour question on what due diligence was done when Lord Green was appointed trade minister. He says: "There are clearly questions about what went on at HSBC between 2005 and 2007." But repeats that Lord Green was a "very successful" trade minister.
Image source, PAChief Secretary to the Treasury Danny Alexander said: "Financial institutions who are proven to have colluded with tax evaders should face the full force of the law. We need to work with HMRC and regulators to make sure that they have all the legal and regulatory tools to tackle such situations. If that means a change in the law, or new powers for regulators, that is what we will do."
Labour's Dennis Skinner says that thousands of HMRC staff are examining benefits fraud, but only 300 are examining tax fraud. The Treasury's David Guake says his numbers are wrong.
David Gauke defends the HMRC. He says there has been a full investigation of 1,000 cases resulting from the HSBC scandal. Those investigations led to the recovery of £135m.
Labour puts pressure on former HSBC boss Lord Green who became trade minister. Labour's Shabana Mahmood demands an "immediate statement" from Lord Green and a full explanation of his role at HSBC and his knowledge of the scandal. She also asks if the government sought any information from Lord Green before he was appointed trade minister.
More from David Gauke says HMRC is examining whether it has "all the same data" as ICRJ (the organisatin which recieved the whistle blower's information).
Treasury Minister David Gauke answers a Labour question on the HSBC tax scandal. He says HMRC has looked to collect the tax and fine evaders. He says that approach has been "very successful". HMRC has sought prosecution for "serial tax evaders".
Paul Rettey
Live page reader
"Heads of organisation ARE responsible for what the organisation does. This is WHY they are paid enormous amounts of money, if they aren't responsible they shouldn't be paid the vast sums. Since the reward mechanism is geared toward massive profits for the bank and therefore heads of organisations likewise are rewarded for this performance, then it makes perfect sense that they gun for as much as they can."
