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I don’t think it is a source of shame because actually our track record on this issue is very strong. My predecessors, George Osborne especially, led the world in improving a couple of things: one is something called transparency, making sure that we know who owns things. And the second thing is exchanging data between tax authorities or enforcement authorities. The independent global body called FATF [Financial Action Task Force] has said that we are one of the best in the world at this.
But as you’ve seen from the papers, it is a global problem. There’s a global dimension to it. And we need other countries to cooperate with us to tackle this, but we are determined to do that. And I said our track record on this is very strong.
