LONDON – Prime Minister David Cameron came under pressure to explain his family’s financial affairs on Tuesday after the Panama Papers revealed his late father ran an offshore fund which avoided paying tax in Britain for 30 years.
A government source told AFP that Cameron had no funds in offshore accounts or investments, but a spokesman said the issue of his family members’ holdings was a “private matter”.
The revelations are embarrassing for the prime minister, who has sought to lead international efforts to improve financial transparency and whose government is hosting an anti-corruption summit covering the issue next month.
Opposition Labour leader Jeremy Corbyn called for an investigation into the tax affairs of all those implicated in a massive leak of tax documents from Panamanian law firm Mossack Fonseca, including the Camerons.
“I think the prime minister, in his own interest, ought to tell us exactly what’s been going on,” he said. Corbyn also suggested that London could impose direct rule on British overseas territories if they were revealed to have become places for “systematic evasion” of tax.