We have all been shocked by the revelations about what HSBC has been up to. It appears that they have been actively helping wealthy individuals avoid and potentially even evade tax. Documents reveal cases of HSBC clients doing outrageous things like going over to Switzerland and withdrawing bricks of 2 million euros in cash, so that they could get their money and take it back to the UK without paying any tax on it.
This week the Committee I chair in Parliament had the UK tax authorities up before us. They were alerted to what was going on as long ago as 2007. We wanted to know exactly who knew what, when, and why they failed to take action against the bank. We were not satisfied by their answers and so we are seeing them again next week and we have also demanded that HSBC appears before us to answer for their unacceptable behaviour.