Labour has accused David Cameron of hypocrisy over his admission that he invested £30,000 in his father’s Panama-based fund Blairmore Holdings Inc.
After a week of speculation about his finances, and three previous statements, the prime minister finally admitted to investing in the investment fund set up by his father in an interview with ITV News on Thursday.
Cameron insists he has paid all applicable taxes on his investment, and sold his shares in the business in 2010 when he became prime minister to avoid a conflict of interest.
However, Labour have accused him of hypocrisy after calling a number of high profile individuals “morally wrong” for investing in similar offshore funds in the past. They say his decision to sell his shares when he became prime minister shows that he is ashamed of the investment and knew that the public would see it as one rule for the rich and another for everyone else.
Nothing in the Panama leaks suggests that Blairmore Holdings did anything illegal, but it did not pay any UK tax over 30 years.