The first instalment of the deal struck by the Treasury and the Swiss authorities was received last night, George Osborne told MPs.

Mr Osborne declared it was the "first time in our history that money due in taxes has flowed from Switzerland to the UK instead of the other way round".

He said: "More than one million private sector jobs have been created since the first quarter of 2010 and employment is now at a record high.

"We are supporting more job creation by further reducing the rate of corporation tax to 21% and from the first of this month we have been helping businesses large and small invest with a temporary tenfold increase in the annual investment allowance.

"We can afford these tax reductions in part because we are taking tough action on tax evasion and I can confirm to the House that last night, HMRC received £340m from the Swiss Government, the first instalment of the deal we have struck and the first time in our history that money due in taxes has flowed from Switzerland to the UK instead of the other way."

Mr Osborne's comments came in response to a question from Tory Jessica Lee, who asked about the Government's steps to encourage private sector job creation."