← LEADERSHIP TERMINAL

UK PARLIAMENT · SITTING

Sammy Wilson

MP for East Antrim · Democratic Unionist Party · United Kingdom

IN THEIR OWN WORDS

I draw attention to my entry in the Register of Members’ Financial Interests. The Foreign Secretary has said that his concern is for the behaviour of some settlers on the west bank, and I think we all share that, but does he accept that the fear of losing votes to the Green party and the independent Members on the Bench behind me is also…

ISRAEL AND PALESTINE · 2026-09-08 · READ IN HANSARD

It is a sad state of affairs when ordinary people feel compelled to take direct action against illegal immigration into our country as a result of successive Governments failing to stop the invasion of our country by illegal immigrants, aided by criminal gangs.

DOVER AND PORTSMOUTH: PROTESTS · 2026-09-07 · READ IN HANSARD

The Chancellor has rightly identified trade frictions as a major impediment to economic growth. As a result of the Windsor framework, the internal market in the UK has been severely disrupted by EU-imposed restrictions on trade, which mean customs unions, mountains of paperwork and physical barriers. What steps does the right hon.

ECONOMIC GROWTH · 2026-09-07 · READ IN HANSARD

We would not need these regulations were it not for EU regulations having to apply to a certain part of the United Kingdom because it is regarded as part of the EU, regardless of the democratic vote of the British people to leave the EU. This is not about protecting biodiversity.

DRAFT PLANT HEALTH, SEEDS, SEED POTATOES AND PLANT PROPAGATING MATERIAL (AMENDMENT) (NORTHERN IRELAND) REGULATIONS 2026 · 2026-09-02 · READ IN HANSARD

Because they are now subject to all these additional regulations. If they do not abide by those regulations—we have already seen this—those goods can be seized, destroyed, re-exported or detained by DAERA in Northern Ireland. That is not something which is just a maybe; it happens currently.

DRAFT PLANT HEALTH, SEEDS, SEED POTATOES AND PLANT PROPAGATING MATERIAL (AMENDMENT) (NORTHERN IRELAND) REGULATIONS 2026 · 2026-09-02 · READ IN HANSARD

It is a pleasure to serve under your chairmanship, Sir Alec. The Minister outlined why these regulations were necessary and gave what, to most on the Committee, would be an acceptable argument: they are to protect biodiversity in Northern Ireland and to ensure that diseased plants are not accessing the Northern Ireland market.

DRAFT PLANT HEALTH, SEEDS, SEED POTATOES AND PLANT PROPAGATING MATERIAL (AMENDMENT) (NORTHERN IRELAND) REGULATIONS 2026 · 2026-09-02 · READ IN HANSARD

The complete record

Every one of 4,500 lines we hold for Sammy Wilson, in date order, each linked to its source. Free to read, in full, without an account. Page 48 of 90.

  1. The Assembly Members in my party who were elected have worked tirelessly at constituency level as well as taking part in the talks and preparing material for the talks. As for the notion that somehow or other they are lying around at home watching daytime television and getting paid for it, he should know better, and so should many of the people who have commented on it. If we want to understand the situation, we ought to ask whether people think we are intransigent because we are on a jolly, it is great and we do not want the Assembly up and running. I do not know any colleagues who do not want to be back in Stormont tomorrow doing their job.

    NORTHERN IRELAND (MINISTERIAL APPOINTMENTS AND REGIONAL RATES) BILL · 2017-04-24 · READ IN HANSARD

  2. This is where I take issue with the former Secretary of State, the right hon. Member for North Shropshire, who spoke about punishing Assembly Members. First, as my right hon. Friend the Member for Belfast North pointed out, if we are going to punish people for not doing their job, we should punish Sinn Féin, who have milked this place dry for the past 10 years, getting millions of pounds from it, but not doing their work. Secondly, we should recognise that it is not the intransigence of Assembly Members generally that has led to this position. Thirdly—and he should know this as a public representative—there are many ways in which public representatives do their job. Of course they have a role in the body to which they are elected, but they also have a role in relation to their constituents.

    NORTHERN IRELAND (MINISTERIAL APPOINTMENTS AND REGIONAL RATES) BILL · 2017-04-24 · READ IN HANSARD

  3. That is exactly the point I was making. These issues can be resolved in the Assembly. If we want to decide what position to adopt on Brexit, who better to do it than Ministers in the Assembly introducing the issues that affect their Departments and reflecting the difficulties that we face? If we want to sort out issues around culture and so on, we should do so in debates in the Assembly, then the relevant Ministers could introduce legislation that could be properly debated. If we want to deal with legacy issues, there is a role for the Assembly in doing so. These things can be dealt with in the Assembly—that is the place to deal with them, rather than saying that unless we get these things sorted out on the terms required by one party we will not have devolution.

    NORTHERN IRELAND (MINISTERIAL APPOINTMENTS AND REGIONAL RATES) BILL · 2017-04-24 · READ IN HANSARD

  4. Does my right hon. Friend accept that the number of people affected by that is far more significant than the number in some other minority groups that Sinn Féin are demanding equality and respect for?

    NORTHERN IRELAND (MINISTERIAL APPOINTMENTS AND REGIONAL RATES) BILL · 2017-04-24 · READ IN HANSARD

  5. I am glad that the hon. Gentleman, who argued for power sharing and safeguards within a power-sharing Executive and Assembly, is now happy with majority rule. I am sure that will go down dead well with his constituents.

    NORTHERN IRELAND (MINISTERIAL APPOINTMENTS AND REGIONAL RATES) BILL · 2017-04-24 · READ IN HANSARD

  6. Does my hon. Friend recognise that even if the Secretary of State took powers to handle all the budgetary issues, the pattern of spending would be as established in previous years of the Assembly—no new initiatives could be implemented, because the power would be simply to disburse the funds on the basis on which they had previously been distributed—even though the priorities might now be different? Taking over budgetary powers will not resolve the issues that my hon. Friend is talking about.

    NORTHERN IRELAND (MINISTERIAL APPOINTMENTS AND REGIONAL RATES) BILL · 2017-04-24 · READ IN HANSARD

  7. Does my hon. Friend accept that this is a pattern established by the Labour party under the leadership of the right hon. Member for Islington North (Jeremy Corbyn), who has refused even to acknowledge, let alone read, letters sent by Colin Parry, whose son was killed at Warrington?

    NORTHERN IRELAND (MINISTERIAL APPOINTMENTS AND REGIONAL RATES) BILL · 2017-04-24 · READ IN HANSARD

  8. Does my hon. Friend agree that justice will never be done if Sinn Féin and the IRA are allowed, through the legacy process, to rewrite history and present themselves as freedom fighters who had some just cause, rather than as terrorists who were simply out to subvert the wishes of the people of Northern Ireland to remain part of the United Kingdom?

    BALLYDUGAN FOUR · 2017-04-19 · READ IN HANSARD

  9. Despite all that the Minister has said, does he accept that new evidence, or new ways of interpreting evidence, is now being used as a means to carry out what many regard as a witch hunt against members of the security forces who took out people like Colum Marks? That is where the anger and injustice are coming from in Northern Ireland. Many who served gallantly in Northern Ireland are being re-traumatised and now see themselves being used as some pawn in a politically expedient game to try to buy off Sinn Féin to get it back into government.

    BALLYDUGAN FOUR · 2017-04-19 · READ IN HANSARD

  10. While the Government boast about the speed of fibre broadband across the United Kingdom, there are many areas—especially in parts of my constituency—where sending mail by pigeon would almost be quicker than sending it through the fibre network. What action does the Chancellor intend to take to ensure that farmers, small businesses and others relying on digital means of communication in rural areas have a greater ability to deliver such messages?

    DIGITAL INFRASTRUCTURE · 2017-04-18 · READ IN HANSARD

  11. Does the Minister not accept that all the studies conducted so far indicate that this will present an additional cost burden to small businesses, which will have to give returns four times a year? In many parts of the country, small businesses do not even have good access to the digital economy to make those returns.

    FINANCE (NO. 2) BILL · 2017-04-18 · READ IN HANSARD

  12. I accept what the hon. Gentleman has said about the difficulties that the NHS is facing. However, earlier in his speech he described borrowing as eye-wateringly high, so how does he propose to fill the gap in funding to increase standards in the NHS?

    FINANCE (NO. 2) BILL · 2017-04-18 · READ IN HANSARD

  13. Given that larger stores weathered the recession much better than many small businesses, would the hon. Gentleman consider the policy that has been introduced in Northern Ireland whereby larger stores pay a 15% premium on their rates to finance some relief for smaller businesses in town centres?

    FINANCE (NO. 2) BILL · 2017-04-18 · READ IN HANSARD

  14. Does the hon. Gentleman acknowledge that this may be meant to do away with errors and give businesses an idea of what their tax payments are going to be, but there are end-of-year adjustments—those relating to stock, work in progress, depreciation and so on—which will have an impact on a firm’s tax business? If these things have to be done once a quarter, it adds significantly to the work businesses have to do and therefore to their costs.

    FINANCE (NO. 2) BILL · 2017-04-18 · READ IN HANSARD

  15. Does the hon. Gentleman accept that there will be great disappointment in Northern Ireland that because of Sinn Féin’s insistence on unrealistic demands, there will not be an Executive in the near future, meaning that Northern Ireland’s ability to reduce corporation tax, which was a key part of the economic strategy, will be removed from the Executive?

    FINANCE (NO. 2) BILL · 2017-04-18 · READ IN HANSARD

  16. The hon. Gentleman quite rightly mentions tax avoidance. Does he accept that although there are measures in the Bill on tax avoidance, given that the tax gap is nearly £40 billion but the Government’s target is to collect £5 billion more between now and 2020, the issue is not being taken seriously? There will be frustration that rich companies will still be able to walk away with very low tax bills.

    FINANCE (NO. 2) BILL · 2017-04-18 · READ IN HANSARD

  17. I wish the Prime Minister well in these negotiations. She carries a heavy burden on her shoulders, because, of course, she carries the hopes of millions of people across the United Kingdom who look forward to the bright future outside the EU, free from the dictation of how our laws come and how our money is spent. May I also welcome the fact that her Ministers have spent so much time on dealing with the issue of the border between Northern Ireland and the Irish Republic? Sadly, we may not have a working Northern Ireland Assembly in place during those negotiations. Will she specifically tell us how the interests of Northern Ireland will be represented during the ongoing negotiations?

    ARTICLE 50 · 2017-03-29 · READ IN HANSARD

  18. Will the Secretary of State confirm that Sinn Féin’s refusal to accept his legitimate role in these negotiations has led to a protracted process; that its refusal to have roundtable meetings with all the parties has meant that only its agenda is being pursued; and that its demand that, when dealing with the past, the focus should be on the security forces, rather than on the murders for which it has been responsible in Northern Ireland, illustrates that it had no intention of reaching an agreement or coming to any compromise? It simply wishes to pursue its own agenda, to the cost of people in Northern Ireland, who are being denied devolution.

    NORTHERN IRELAND: POLITICAL DEVELOPMENTS · 2017-03-28 · READ IN HANSARD

  19. To a long list of misdemeanours committed by the banks for which directors have not been held responsible, we now have this allegation of extensive laundering of funds that were either stolen or of criminal origin. One of the explanations that has been given is that directors of banks see compliance as an expense with no return. Can the Minister assure us that the allegations will be properly investigated by criminal investigators and that, if it is found that directors have encouraged slack compliance for the profit of their bank, they will feel the full weight of the law and realise that slack compliance has a cost in their personal lives?

    MONEY LAUNDERING: BRITISH BANKS · 2017-03-21 · READ IN HANSARD

  20. I too express my condolences to the family of my constituent Mr Gilmore, who was murdered by paramilitaries this week. Given the attitude Sinn Féin have adopted regarding whom they will accept as First Minister, the role of the Secretary of State in talks and their desire to have soldiers and policemen prosecuted in the courts, does the Secretary of State believe there is much chance of success in the talks? If not, will he move quickly to fill the budget gap left by the Sinn Féin Finance Minister?

    POLITICAL DEVELOPMENTS · 2017-03-15 · READ IN HANSARD

  21. I agree with the Minister that we need to have a discussion on this whole issue. However, these changes have been introduced without such a discussion, and the assessment has been made that 160,000 current claimants will be ruled out as a result of the changes. Does the Minister dispute that? Is he contesting his own Department’s assessment?

    PERSONAL INDEPENDENCE PAYMENTS · 2017-03-15 · READ IN HANSARD

  22. The 130,000 self-employed people in Northern Ireland, who make up a seventh of the workforce, will welcome this change of heart by the Government. Does the Chancellor recognise, however, that the imposition of quarterly tax returns, which has been delayed for one year, and the closing of the flat-rate VAT system will also have an impact on self-employed people? Instead of targeting those who are genuinely self-employed and who have contributed to today’s low unemployment figures, should he not concentrate his efforts on the large corporations, such as the BBC, that abuse the tax system and have self-employment contracts to avoid paying tax?

    CLASS 4 NATIONAL INSURANCE CONTRIBUTIONS · 2017-03-15 · READ IN HANSARD

  23. I hate to deflate the hon. Gentleman’s main argument, but the Chancellor did actually mention Brexit. In fact, in the second sentence of his Budget speech, he said: “As we start our negotiations to exit the European Union, this Budget takes forward our plan…for a brighter future.”

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  24. The forecast for growth still heavily depends on consumer spending, which depends on consumer borrowing. By 2021, consumer borrowing will reach 153% of household income, and I have a problem with the Government here. I understand that they have to control public spending and borrowing, but why is it okay for growth to be fuelled by high levels of consumer debt? In fact, consumer debt is twice the level of Government debt as a percentage of GDP. Why is it okay for consumers to continue borrowing to fuel growth, but not for the Government to accept that there may be arguments, in a low-interest-rate regime, for marginal increases in spending on the plenty of good infrastructure projects that could provide a good return for the economy through increased productivity?

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  25. In rural areas such as my constituency, despite BT’s monopoly and the money that it has received, we still do not have proper broadband coverage. Indeed, innovation is sometimes stifled by BT’s monopoly and its control of the network. I hope that we will see innovation there. I also welcome the £120 million that will be available to the Northern Ireland Executive. However, the attitude that Sinn Féin has adopted over the past couple of days means that anybody—including the Secretary of State for Northern Ireland—who does not accede to what they want is accused of waffle; their members then walk out. If we do not get the Assembly up and running, will the money be held? I fear that it may be some time before the Executive are in a position to spend that money, so will interest be added to it?

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  26. I will not go into all of them in detail in the short time available to me, but we have raised “Making tax digital” with the Treasury on a number of occasions, and the line in Westminster Hall debates has been much harder than what was announced today. I am glad that the Chancellor accepts that the strategy was going to create huge problems for many small businesses. I trust that the arguments for extending and delaying its introduction for one year will apply in future years because, as has been pointed out, many businesses do not have the necessary facilities or even access to the internet. They rely on accountants and would have found it either impossible or costly to meet the requirement. I welcome the extra £200 million for innovative broadband initiatives.

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  27. The Chancellor pointed out at the start of his statement that the Budget was designed to prepare the United Kingdom for a brighter future and to provide a stable platform for the negotiations. While I do not agree with everything in the Budget, we must accept that the spending on infrastructure development, innovation, research and development, and education, including the changes to technical education, is designed to make our economy more competitive and to enable us to take the opportunities that will be presented when we are free of the EU and therefore able to make trade deals with countries across the world. It is wrong to say that the Budget did not mention, does not cater for, or does not acknowledge the challenges that we will face when we leave the EU. There are several things in the Budget that I particularly welcome.

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  28. The Chancellor started his Budget speech in an appropriate way by making a confession. He said that the commentators, including himself, his predecessor and many others in this House, had got it wrong when it came to the growth of the UK economy. In fact, he started by saying that the economy had “continued to confound the commentators with robust growth” since the historic vote to leave the European Union and that that growth was predicted to continue over the next number of years. Several Members have already said that the Chancellor made no mention of Brexit, but many Members still feel that Brexit has been properly mentioned only if it is referred to in negative terms. They do not want to hear the good news that Brexit and the decision to leave the EU has not and will not destroy our economy.

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  29. There are real dangers. Consumer spending is a huge component of GDP, and of course we need buoyant consumer spending, which is one reason why the constant talking down of the economy is not good for future economic growth. At the same time, we have to recognise that focused public investment in the economy is, first, affordable and, secondly, desirable, yet the Chancellor seems to be resistant to undertaking such investment.

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  30. That will make the average house price around nine times the average salary, which will mean that many young people will never have the chance to own their own house. At the same time, the restrictions on buy to let mean there will be increased costs for the rental market. It is disappointing that the Chancellor did not make any proposals on how he will deal with the housing issue, because it is as much part of making the economy fit for the future as it is part of giving people the opportunity to have a decent home.

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  31. The Chancellor tried to downplay the amount of money involved, but many self-employed people are struggling at the margins because they are trying to get businesses up and running. The difference in taxation will be significant for them. The Government have got that one wrong. Hopefully, the issue will not come back to bite them; it has not been very well explained. The last issue I shall raise is housing. One way to increase employment and, of course, productivity in the economy is by having a good housing stock that enables people to move around easily. However, if we look at the figures, we find that housing investment is due to fall by 50% this year and stay at a low level. The statistics attached to the Budget indicate that house prices will go up by more than twice the rate of inflation as a result.

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  32. Local enterprise agencies in my constituency, according to figures they recently gave me, have encouraged some 1,400 people into self-employment through training. Many of those people start by taking a risk with their redundancy money. They work long hours for not a great deal of money, and they do not have the benefits and security that people in full-time employment have. The Government say, “The system has been abused, so we have to level up the tax paid.” We do not do that in other areas of taxation. The BBC, for example, gets its top presenters to go into self-employment to avoid taxation. If that is an abuse, stop it, but do not impose additional costs on people who help to bring up the United Kingdom’s employment figures and bring down the unemployment figures by taking risks and going into self-employment.

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  33. There is a strong case for saying that, especially given the way in which Government fixed capital spending is due to fall over the next year. Of course, as interest rates are low and are predicted to go up, now is the time to borrow and spend. My second issue has been raised by a number of Members, but it needs to be restated, because it is so important to constituencies like mine, that there will be an increase in tax, through national insurance contributions, for the self-employed. I serve a constituency that is about half rural. Many of my constituents depend on self-employment for work. We have lost a number of jobs through big manufacturing closures over the past couple of years, and many of the people who lost their job have moved into self-employment.

    BUDGET RESOLUTIONS · 2017-03-08 · READ IN HANSARD

  34. It is a pity that we have not heard any regret at all from the Labour party, which lobbied intensely to have this dangerous terrorist released in 2004. Given the fact that this man was on the loose, can the Minister explain why and how our security was so slack that he was able to leave the country and to use the funds available to him to finance terrorism and kill people?

    JAMAL AL-HARITH · 2017-02-23 · READ IN HANSARD

  35. The Leader of the House will be aware that there will be Assembly elections in Northern Ireland next week. It has been revealed this week that the even-more-holier-than-thou sister party of the Liberal Democrats, the Alliance party, has been seeking to manipulate phone-in programmes by encouraging its members to give fake names and addresses and claim to be members of other political parties—a tactic that it says has worked at previous elections. So far, the BBC has provided very little coverage of this story, which is yet another example of the biased way it has conducted itself during the election campaign. May we have a debate in the House on the political bias of this publicly funded body and how it has breached its charter?

    BUSINESS OF THE HOUSE · 2017-02-23 · READ IN HANSARD

  36. Is my right hon. Friend disturbed by the comments attributed to Justice Weir, who is looking at some of these legacy cases, in which he talked about the UDR as having been set up simply to prevent its members from doing worse things in society?

    ARMED FORCES: HISTORICAL CASES · 2017-02-23 · READ IN HANSARD

  37. As for the deaths caused by the security forces, few could be claimed to have been unlawful or even to look unlawful.

    ARMED FORCES: HISTORICAL CASES · 2017-02-23 · READ IN HANSARD

  38. As has been asked already, why are those in the legal and justice system in Northern Ireland shouting so loudly, and trying to silence the press, about what has happened if they do not believe that if the decisions were looked at closely they would be seen to be disproportionate? From the Attorney General for Northern Ireland to the Director of Public Prosecutions for Northern Ireland and right up to the Chief Constable of the PSNI, we have heard denials that the cases have been disproportionate. Yet the figures are clear: 30% of the cases being investigated at present involve the security forces, but only 10% of the people killed in Northern Ireland during the troubles were killed by security force action. The hon. Member for Canterbury (Sir Julian Brazier) made the point well that all the terrorist cases involved murders.

    ARMED FORCES: HISTORICAL CASES · 2017-02-23 · READ IN HANSARD

  39. The classified documents of the police and the Ministry of Defence will be open for scrutiny by smart lawyers in the courts—all of which is an attempt to rewrite history. The election is not about a failed heating scheme, as suggested by the shadow Minister; it is all about Sinn Féin thinking it has an opportunity to rerun the last election, to come out stronger and to put pressure on a Government who will be dead keen to get it back into government. Their price will be the sacrifice of policemen and soldiers in the courts through an unfair system. Members are right to be concerned about what we have heard today. The system is already unfair because the cases have been disproportionately skewed towards those in the security forces.

    ARMED FORCES: HISTORICAL CASES · 2017-02-23 · READ IN HANSARD

  40. This is an important debate. I will not go over all the statistics given by previous speakers, but we in Northern Ireland owe a great debt of gratitude to those who held the ring for 40 years in the face of a sustained terrorist campaign. It is wrong that as a result of republican attempts to rewrite the history of the troubles those people are now being subjected to a witch-hunt and being made the scapegoats for what happened during those 40 years. I warn the House that if Members think that what we have seen to date has been unfair, one can be absolutely sure that Sinn Féin will ramp up the pressure after the Northern Ireland election to ensure that more soldiers and policemen are dragged into the dock.

    ARMED FORCES: HISTORICAL CASES · 2017-02-23 · READ IN HANSARD

  41. Many of those files have disappeared, and many cases were never even investigated, but there will be detailed records of what the Army did. The only solution is to have a statute of limitations. Terrorists have had special conditions attached to them since the Good Friday agreement, and fairness should be attached to those who served in the security forces. People should not be dragged before the courts for things that happened 40 years ago, of which they have little recollection and for which even state records are difficult to turn up. I hope that this issue will not be forgotten and that we will sustain pressure on the Government to ensure fairness for those who served our country so well.

    ARMED FORCES: HISTORICAL CASES · 2017-02-23 · READ IN HANSARD

  42. Instead of police officers from Northern Ireland coming over to question people in their own town or local police station, these people had to be dragged to Northern Ireland and then restrictive bail conditions, which were never put on terrorists, were placed on them, so the system is unfair in its approach. Was that a result of direction by the Director of Public Prosecutions? Was it a decision made by the Chief Constable? Was it a decision by the police in the jurisdiction where the people lived? I have asked the Chief Constable for answers to those questions and have not been able to get them. Finally, the system is unfair due to the inadequacy and imbalance of information. I do not accept the Secretary of State’s explanation that there will be plenty of information about the terrorists because we will have all the police files.

    ARMED FORCES: HISTORICAL CASES · 2017-02-23 · READ IN HANSARD

  43. I thank the hon. Gentleman. The system is unfair in its approach. Let us look at how terrorists have been treated. They have been given letters that excuse them from ever having to be in court. When Gerry Adams was questioned about his covering up of his paedophile brother, he was given the opportunity to nominate which police station he wanted to go to and when he would like to be interviewed. His house was not raided. He was not hauled out of his bed. He was not dragged across the water to be questioned, unlike some soldiers based in Great Britain; it was done at his convenience. However, when it comes to the soldiers, I want to know who gave the instructions for early-morning raids on pensioners’ homes.

    ARMED FORCES: HISTORICAL CASES · 2017-02-23 · READ IN HANSARD

  44. Does the Minister accept that a new element will also be introduced to the cases, whereby there will not have to be new evidence but simply a claim that there are new ways of looking at the evidence? That is one of the weaknesses in the case he is making.

    ARMED FORCES: HISTORICAL CASES · 2017-02-23 · READ IN HANSARD

  45. I would be interested to hear the Minister’s response on the levels of corporation tax paid by businesses such as Cerberus.

    CERBERUS CAPITAL MANAGEMENT: PURCHASE OF DISTRESSED ASSETS · 2017-02-22 · READ IN HANSARD

  46. There is little or no regulation and the people who originally took out the loans have no say. The terms of those loans can then be changed at the whim of the business that has taken over. I do not believe that that is good for the economy. Some strengthening of the regulations and oversight of the businesses is needed. There also needs to be protection for those who have taken out loans in the first place on certain terms, so they cannot have those loans changed. Finally, the Treasury needs to look at a point that was well made by the hon. Member for East Lothian: as a result of transfer pricing, the local subsidiary is given loans at high rates of interest to purchase the assets, which keeps its profits down in the United Kingdom, thus avoiding taxes.

    CERBERUS CAPITAL MANAGEMENT: PURCHASE OF DISTRESSED ASSETS · 2017-02-22 · READ IN HANSARD

  47. A two-year horizon is much too short for businesses when there have been large debts and a big fall in the assets, and when they have been relying on building up an income stream and looking for capital increases in the value of assets as the economy picks up. That has forced many businesses simply to say, “Look, we can’t continue. We will have to accept bankruptcy or constrain ourselves much more than we had anticipated.” This is the important point: there is very little if any oversight of this area and no regulation, yet it has a huge impact on our economy. Businesses that employ people, pay tax to the Treasury and provide local services are put in jeopardy as a result of loans that can be easily transferred from one financial institution to these companies.

    CERBERUS CAPITAL MANAGEMENT: PURCHASE OF DISTRESSED ASSETS · 2017-02-22 · READ IN HANSARD

  48. In some cases, when they did survive, individuals and business owners were driven almost to distraction and had health issues. Another difficulty was reaching an agreement—I think of what an individual I dealt with said. Cerberus would only speak to businesses when it wanted to speak to them, and businesses wanting to try to move on often found that they were hitting a blank wall—so much for the consensual approach. Even when that did happen, trying to get information about what a deal would look like was very difficult. Rather than trying to help businesses, the approach has almost been more about staring them out, and businesses have been adversely affected. In most cases—financial advisers tell me this—despite the fact that no timescale was set, Cerberus is loth to do deals beyond two years.

    CERBERUS CAPITAL MANAGEMENT: PURCHASE OF DISTRESSED ASSETS · 2017-02-22 · READ IN HANSARD

  49. I can think of large businesses in Northern Ireland that were able to do deals, but by and large, the approach has been aggressive—aggressive to the point of incompetence, in fact, as one financial adviser put it to me. Sometimes there was a deal to be done, but when those working on behalf of Cerberus saw a chink of light and that a business was able to pay, they went even further and pushed harder until they pushed them to the brink. In one case when they were on the brink of a deal, some of the assets that were part of the deal were sold, which brought the deal down. There was aggression to the point of incompetence. It might be argued that what happened was good for Cerberus. In some cases it might not have been, but importantly, it was often not good for the businesses. Viable businesses were put to the wall.

    CERBERUS CAPITAL MANAGEMENT: PURCHASE OF DISTRESSED ASSETS · 2017-02-22 · READ IN HANSARD

  50. Fifthly, Cerberus said there would be a presumption in favour of the incumbent—in other words, where possible, it would try to work with the people who held the loans. That made good sense. They knew the assets and were probably already involved in the business, so they would be easier to work with. Lastly, Cerberus indicated that it would find ways of trying to liquidate the companies through equity finance and loans, and in other cases by writing down debts. As I am sure Members have found time and again, Cerberus claimed that it wanted to work with individuals and to have a consensual approach with the people who held the loans. That has not been the experience, although in some cases, businesses will testify that it worked.

    CERBERUS CAPITAL MANAGEMENT: PURCHASE OF DISTRESSED ASSETS · 2017-02-22 · READ IN HANSARD