Parliament has until 17 February to agree - or not - a £160 million UK taxpayer funded bailout for the Turks and Caicos Islands, the Caribbean dependency and tax haven where Michael Ashcroft is a "belonger”.

The Coalition Government intends to press ahead with a loan guarantee to the tiny islands which have for years been rocked by allegations of corruption.

But the House of Commons Library reminds us this “is less than the 14 Parliamentary sitting days that is the norm before such contingent liabilities are taken on”

However, if an MP “signifies an objection by giving notice of a Parliamentary Question or by otherwise raising the matter in Parliament, final approval to proceed with incurring the liability will be withheld pending an examination of the objection.”

Excellent.

I hope an MP will object on the grounds that any loan guarantee should await 

(a) proposals for new property and other taxes which would target belongers, such as Ashcroft;

(b) the long delayed report of Helen Garlick into corruption involving the islands top politicians.

The Library note (see attachment) says intriguingly

The Library is not aware of any previous loans provided by DFID along these lines. Although it regularly provides budgetary support bilaterally in the form of grants, a non-concessional loan/loan guarantee is certainly an unusual step for DFID

We all know that William Hague, and Michael Ashcroft are joined at the hip.

The Foreign Secretary, who lobbied so hard for Ashcroft’s peerage, would walk over hot coals for his multi-millionaire friend.

Time to object.

Attachments:

Turks and Caicos Islands.pdf

[Library note]

47 Kb