“We will act”: Miliband slams failure to tackle tax avoidance in Welsh Labour conference speech

Ed Miliband will use his speech today to the Welsh Labour conference to fan the flames of the row over tax avoidance. He will revisit the attacks made earlier in the week over HSBC and directed at Tory donors, such as former Tory co-treasurer Lord Fink who has admitted he’s avoided. Miliband will the Government of failing to act, and outline where Labour will take action.

He will also say that the tax avoidance argument reflects a deeper division of fundamental differences in opinion in how the country is run, and what people should contribute.

“This government has simply shrugged it shoulders over tax avoidance.

It has failed to take action on tax havens. We will act.

It has failed to lead on tax transparency. We will act.

It has failed to stop corporations exploiting loopholes to shift its profits offshore. We will act.

It has failed to tackle abuses which allow supposedly dormant companies to trade with tax impunity. We will act.

It has failed to end tax scams in the construction industry. We will act.

It has failed to strengthen HMRC. We will act.

It has failed to introduce a genuine deterrent to aggressive tax avoidance schemes. We will act.”

Labour have said that some of the measures they would take to clamp down on tax avoidance would include creating a stronger independent means by which to scrutinise the tax system and close loopholes that allow hedge funds to avoid stamp duty and those that enable large companies to shift their profits abroad.