The Queen

Jeremy Corbyn implies that The Queen should apologise for role in overseas tax havens

The Leader of the Labour Party Jeremy Corbyn has implied that The Queen should apologise after it was revealed that some of her money is invested in overseas tax havens.

Mr Corbyn said that anybody who had been exposed by the Paradise Papers should: “not just apologise for it, but also recognise what it does to our society.”

When asked specifically whether the 91-year-old Monarch should apologise, Mr Corbyn avoided naming any one person, in particular, saying: “Anyone that is putting money into tax havens in order to avoid taxation in Britain, and obviously investigations have to take place, should do two things.

Not just apologise for it, but also recognise what it does to our society.

“Because if a very wealthy person wants to avoid taxation in Britain, and therefore put money into a tax haven somewhere, who loses?

“Schools, hospitals, housing, all those public services lose and the rest of the population have to pay to cover the deficit created by that.”

Mr Corbyn was speaking at the Confederation of British Industry conference in London when he made the remarks.

Afterwards, a spokesperson said that the Labour Leader wasn’t calling for The Queen to apologise, but anyone putting money in tax havens for the purpose of avoiding paying tax should.

Later in the afternoon, Shadow Chancellor John McDonnell will ask an urgent question in the House of Commons about the Paradise Papers.

The news comes a day after Her Majesty and her private estate were implicated in the latest scandal surrounding offshore tax havens.

In a huge new leak of financial documents, senior figures including Her Majesty are named in the Paradise Papers.

An investigation by the BBC, the Guardian and other global organisations show that around £10m of The Queen’s private money has been invested in the Cayman Islands and Bermuda by the Duchy of Lancaster.

The Duchy provides Her Majesty with an income and manages her £500m estate.

There is no suggestion of illegality by The Queen although this is hugely damaging to the Monarchy.

The leak shows that investments had been made through the Duchy to businesses including BrightHouse, which has been criticised in the past for exploiting poor and vulnerable people.

The Duchy said that it was unaware of their 12-year investment in BrightHouse until approached about the Paradise Papers for comment.

There is also no evidence which suggests The Queen knew about all of the investments made on her behalf.

You can read more about the Paradise Papers and look at other senior figures implicated by visiting the BBC’s website.