The Treasury faces a £2bn hole in the public finances because the deal with the Swiss authorities has raised significantly less than the projected revenues
George Osborne’s raid on wealthy British residents who hide cash in secret Swiss bank accounts is today revealed as a flop.
The Treasury faces a £2bn hole in the public finances because the deal with the Swiss authorities has raised significantly less than the projected revenues, new data shows.
The figures will be an embarrassment to the coalition at a time when it is clamping down on tax avoidance by rich individuals and companies.
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The chancellor announced the deal with the Swiss tax authorities to great fanfare in 2011. It came into force in January.
Read more on tax avoidance from Spear’s
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