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Tyneside MP tackles Government on transparency of UK companies

THE Labour MP for Newcastle North has tackled Ministers on the need to introduce UK legislation to improve the transparency of British companies operating abroad.

Catherine McKinnell was reportedly successful in securing a meeting for herself and representatives of the ‘Publish What You Pay’ campaign with International Development Minister, Alan Duncan.

She said: “Oil, gas and mining revenues are critically important economic sectors in about 60 developing and transition countries. For example, in 2008, exports of oil and minerals from Africa were worth roughly $393.3bn - nearly nine times the value of international aid to the continent.

“Yet, these resource-rich countries rank amongst the lowest in the world in terms of poverty, economic growth, authoritarian corruption and mismanagement, and fuel conflicts.

“Enabling them to increase their tax take from UK companies benefiting from their natural resources is a sustainable way in which to help them end their long-term aid dependency.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .