John McDonnell MP has written this in the Guardian this morning:
There is no reason why the UK cannot use its relationship with these tax havens to force them to stop dragging their feet. At the very least, there should be strictly enforced minimum standards of transparency, including the publication of public records of companies’ accounts, directors, major shareholders and all beneficial ownership of trusts. Without these things, how can we possibly have faith that wealthy people and corporations are not receiving preferential treatment compared with those of us who fill in tax returns or have it deducted automatically?
Labour has already called for tax havens to be blacklisted unless they produce a public register of company owners and sanctioned if they fall foul. And it is surely time that the chancellor listened to our calls to end the unjustifiable cuts to staffing numbers at HM Revenue and Customs, as they cannot be put in a position where their hands are being tied.
I agree, not for any party political reason, because I have no such affiliation, but because this makes complete sense and accords with what I have always argued.
These are the most basic responses required to the Panama Papers.