The City of London Committee held an insightful business briefing at Guildhall, hosted by Alderman Prem Goyal OBE, Chair of the City of London Chamber Committee. The event’s speakers were Sir Jim Harra, First Permanent Secretary and Chief Executive of HM Revenue & Customs at HMRC, Jayne-Anne Gadhia, Lead Non-Executive Director at HMRC, and Chris Hayward, Policy Chairman of the City of London Corporation. 

Chris Hayward underscored the urgency of addressing fraud, which he noted is one of the UK’s most rapidly increasing crimes. Fraud prevention, he explained, is critical for the health of the financial and professional services sectors, pointing to proactive measures by the City of London Police as exemplary in tackling this issue. 

Jayne-Anne Gadhia highlighted the extensive reach of HMRC, which serves over 34 million individuals and 5 million businesses across the UK. Gadhia pointed out that, despite its large scope, HMRC maintains higher satisfaction than dissatisfaction ratings, emphasising its commitment to quality service and support. 

Sir Jim Harra provided a detailed overview of HMRC’s multifaceted role in supporting the UK economy and safeguarding public funds. Harra noted that HMRC tracks the “tax gap”—the discrepancy between taxes owed and those collected—which has been lowered to 4.8%. Simplifying tax policy to reduce errors is a key aim for HMRC, although Harra acknowledged the need to make sure that no shortcuts are taken when filing taxes, leading to a need of having a rigorous system.