Labour demands “full and total transparency” from Cameron over tax

John McDonnell has today called on David Cameron to have “full and total transparency” about his tax affairs, as Jeremy Corbyn suggested he would be open to publishing his own tax returns.

The offshore tax accounts of Cameron’s late father have been implicated in the Panama Papers leak, but the PM said today that he has “no shares, no offshore trusts, no offshore funds”.

But Shadow Chancellor McDonnell said that Cameron must do more to clear the air about his financial affairs – as well as those of major Tory donors. Conservative MP Dominic Grieve also joined the calls for greater transparency for “public figures” today.

“The Tories can’t continue to hide from this issue. It is clear that they have questions to answer and we can’t afford for the public to lose faith in the political process,” John McDonnell said.

“The Prime Minister should lead by example and come out and set the record straight on his own tax affairs – we need full and total transparency.”

McDonnell added:

“We also need to know the truth behind reports that the Conservative Party has received substantial donations from those linked to this scandal. The Tories should come clean and set out exactly what the situation is – is the Prime Minister happy to receive money from big donors who are accused of tax avoidance?

“Because it is those taxpayers who pay their fair share in taxes who have to shoulder the burden for those who do not. This is a basic principle that any party of government cannot take lightly.”

After accusing the Government of “pussyfooting around on tax dodging” during his speech at Labour’s local election campaign launch this morning, Corbyn was asked whether he would be happy to make public his own tax returns.

The Labour leader replied: “There is no problem with my tax affairs, they are very, very limited indeed.

“I have got an income as an MP, sadly I have got no family trusts of any sort.”

Former Cabinet minister Dominic Grieve also joined the chorus putting pressure on Cameron, telling the Today programme that “with public figures, ultimately we do have a need for transparency.”

Grieve said: “It’s worth bearing in mind that we have a register of interests at Parliament where we are obliged to set out very clearly areas of our financial interests which go well beyond what ordinary members of the public have to do and I’m entirely comfortable with that.”