“The Government has got some serious questions to answer” – Miliband on Stephen Green and HSBC

An extensive investigation, conducted by media organisations across 45 countries, has revealed that the Swiss banking arm of HSBC helped rich customers avoid their taxes.

This news has thrown up questions about whether former HSBC chairperson (2006-2010) Stephen Green – who went on to be Minister for Investment and Trade (2010-2013) – knew what was going on under his watch and whether the Government knew about such allegations (you can see the full timeline of events below).

Margaret Hodge, chair of the public accounts committee has strongly criticised Green, saying:

“Either he didn’t know and he was asleep at the wheel, or he did know and he was therefore involved in dodgy tax practices. Either way he was the man in charge and I think he has got really important questions to answer.”

Ed Miliband has also released a statement, saying that the Government has some serious questions to answer:

Here’s a timeline documenting what we know so far about Stephen Green’s role at HSBC and time in government:

February 2010 – HMRC gets information that HSBC’s client list includes UK tax avoiders.

July 2010 – It’s reported that HSBC’s chairperson, Stephen Green spoke with David Cameron on a trip to India and later evidence suggested Cameron was trying to “woo” Green.

September 2010 – Two months later Green announces he’s stepping down as chairperson of HSBC to become trade minister

November 2010 – Green becomes a Conservative member of the Lords

January 2011 – Green starts his job as Minister of State for Trade and Investment

July 2012 – US Senate finds HSBC involved in money laundering. Following these rumours, Cameron’s says he has full confidence in Green

December 2013 – Green stands down as Minister