Osborne Defends UK Government's Response To HSBC

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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.

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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