A Taxing Matter

So, there you have it. A rich man has more money than we do. That is essentially what we now know that David Cameron has released his tax returns. Joining him were Nicola Sturgeon, George Osborne, Boris Johnson and Jeremy Corbyn. The release of the so-called Panama Papers last week has brought a new level of transparency to British politics. Never again will potential occupants of Downing Street be able to get away wih not sharing their finances with us.

But has it really? As a man of the left, I am delighted that any crack has appeared in the wall of silence presented to us by the super-rich over how their money is squirreled away. And hopefully some good will come of it.

But, I can't help but think that we've not got a satisfactory outcome. We already knew that Dave was very rich. That is blatant every time he speaks. The fact that Gideon Osborne is the heir to a fortune from a wallpaper company is also not a surprise. Seeing some actual numbers changes virtually nothing.

The main issue is how thousands are genuinely breaking the law, or flying very close to the line, every single day. They do this in the shadowy world of tax havens. Britain is deeply complicit in this, as we are responsible for many of them: Bermuda, the Virgin Islands, the Channel Islands, the Isle of Man, the Cayman Islands. All are British territories; although Britain does not intervene in the everyday affairs of these olaces, we do have a responsibility for ensuring 'good governance.'

And yet we do nothing. For years we have allowed this problem to fester. Jeremy Corbyn briefly hit on the right note, when he called for Britain to impose direct rule on these places, unless they sorted out their suspicious financial affairs. But it all got lost in the charge to see David Cameron's bank account.

Cameron and co would be mad if they'd even come close to doing wrong whilst in government. Added to their posh-boy image, it would have proved fatal to their careers. Anyway, it barely matters for Cameron. He will never face the country for re-election. This may have hastened his departure. But he is already going, and so can weather pressures PM's hoping to continue might flounder in.

I'm sorry, those of you pleased with the way it all played out. We got the wrong target. The real beneficiaries are smiling to themselves. Possibly in the sun somewhere...