:00:15. > :00:18.Hello and welcome to our look ahead to what the the papers will be
:00:19. > :00:29.With me are Lucy Cavendish, the journalist and writer,
:00:30. > :00:31.and Tom Bergin, the business correspondent and author
:00:32. > :00:40.Congratulations on your book! But don't start plugging it, it is the
:00:41. > :00:46.wrong show! LAUGHTER
:00:47. > :00:50.The I leads with the story that David Cameron owned ?30,000 worth
:00:51. > :00:52.of shares in his late father's offshore trust in Panama.
:00:53. > :00:55.As does the Metro, which says that Mr Cameron sold his stake
:00:56. > :00:57.months before becoming Prime Minister in 2010.
:00:58. > :00:59.The Financial Times headlines that the former Chairman of Tata has
:01:00. > :01:02.defended the decision to sell it's UK steel plants, calling them
:01:03. > :01:06.The Telegraph says David Cameron has been forced to commit
:01:07. > :01:08.to publishing his tax returns, after admitting that he had
:01:09. > :01:11.personally profited from his stake in his father's offshore investment
:01:12. > :01:21.The Guardian's front page is dedicated to the Panama Papers -
:01:22. > :01:24.as it has all week - including a story that a piece
:01:25. > :01:26.of artwork stolen by the Nazis is currently the property
:01:27. > :01:29.of a gallery with links to the law firm Mossak Fonseca.
:01:30. > :01:32.The Times carries a picture of terror suspect known as the 'man
:01:33. > :01:34.in the hat' on the streets of Brussels hours after
:01:35. > :01:41.The Mail also leads on David Cameron's tax affairs -
:01:42. > :01:43.suggesting that he accepted that some of the ?300,00 left to him
:01:44. > :01:46.suggesting that he accepted that some of the ?300,000 left to him
:01:47. > :01:49.by his father may also have come from funds lodged offshore.
:01:50. > :01:53.And the Express also leads on the same story.
:01:54. > :01:55.Most newspapers do, as you can imagine.
:01:56. > :02:19.So, the devil is in the detail. What is it that people really want to
:02:20. > :02:21.know about this? Number one, has he done anything illegal and the answer
:02:22. > :02:43.is, no he I do know why he did not just say
:02:44. > :02:52.this in the first place. He's talked about capital gains. He has given an
:02:53. > :02:57.interview to Robert Heston. He is upset and hurt about the way his
:02:58. > :03:04.father 's name is being besmirched. It was all souls, done and dusted
:03:05. > :03:14.before he came into office. For me are many people -- for me and many
:03:15. > :03:20.people what lingers is the us and them. The rich and powerful and the
:03:21. > :03:26.others are doing something that smacks of something slightly dodgy
:03:27. > :03:31.and making money from it that isn't transparent and that we don't really
:03:32. > :03:36.know about. Tom, is it fair to describe, I am just talking about
:03:37. > :03:43.David Cameron here and not the many other people implicated in this, is
:03:44. > :03:49.it fair to say smacks of being slightly dodgy? In terms of his
:03:50. > :03:56.behaviour, he has been open with the tax authorities. He says HM C knows
:03:57. > :04:10.all about it. That seems to be the case. This was an offshore trust.
:04:11. > :04:14.The fund itself, the tax avoiding offshore funds, was the fund itself
:04:15. > :04:27.questionable? That could have been damaging to him. I do really
:04:28. > :04:35.understands it because I've never had enough money. It seems as if it
:04:36. > :04:41.was that they invested in that allowed them to invest in dollars.
:04:42. > :04:45.It was a way of making a little bit of money? That is the way it has
:04:46. > :04:49.been described. This is an area I have done a lot of investigation on,
:04:50. > :04:58.tax avoidance. What is interesting about this is this fund involved
:04:59. > :05:05.bearer shares. That's weight you just hold the share. So you are not
:05:06. > :05:13.hiding the money? People involved in this were not looking to avoid tax,
:05:14. > :05:17.but bearer shares are effective and that is why they have been banned.
:05:18. > :05:26.Certain aspects of these funds are ones that today, legally due could
:05:27. > :05:33.not design this kind of fund and these are the issues that can appear
:05:34. > :05:37.damaging. There is no suggestion that he has done anything wrong, but
:05:38. > :05:42.it's difficult to see the financial benefit he would have received.
:05:43. > :05:46.However, the fund has features people might be uncomfortable with.
:05:47. > :05:53.It is pretty much devoted to the front page of the daily Telegraph,
:05:54. > :05:58.which is unusual because they do try to have a high story count. I did
:05:59. > :06:05.have money offshore is the headline. Cameron admits having shares in a
:06:06. > :06:13.tax haven scheme. There's also the issue of the pro-EU leaflet. I spoke
:06:14. > :06:16.to Tom Watson earlier. Some of the papers don't quite seem to have got
:06:17. > :06:21.the reaction on their front pages in time. He said David Cameron needs to
:06:22. > :06:25.make it clear what shares he has held since becoming an MP in 2001.
:06:26. > :06:30.They wanted everything, every financial detail. Yes, and if we are
:06:31. > :06:37.going to have transparency, which they do in Norway about everyone's
:06:38. > :06:43.tax affairs, you can't just have David Cameron. I could not paying
:06:44. > :06:48.top Watson -- Tom Watson down on that. Very little has come up from
:06:49. > :06:56.the Labour Party on the front pages, but the other thing we were talking
:06:57. > :06:59.about is what is legal and what is illegal. There are clear laws for
:07:00. > :07:05.things like assault another, but in terms of tax, what is legal and what
:07:06. > :07:18.is illegal is totally unclear. Absolutely. This is the constant
:07:19. > :07:26.complaint that people have. HMRC are constantly asked why they don't go
:07:27. > :07:43.after people. Tax is complicated and until someone mitigates it, it's
:07:44. > :07:53.difficult to know. Big stories have emerged within a big story. Fifa,
:07:54. > :08:00.President Putin's friends. It is a huge story because of the way people
:08:01. > :08:06.feel. Yes, because whether it is legal or illegal, most of us feel we
:08:07. > :08:11.have been sold a bit of a dark. Most of us are law-abiding people who pay
:08:12. > :08:17.our tax upfront. Other people are going doing other things, evading
:08:18. > :08:21.tax in countries where they actually make a lot of money and they are not
:08:22. > :08:29.paying their taxes and being part of what our social system is and it is
:08:30. > :08:32.incredibly irritating, and it is immoral. Here is the Prime Minister
:08:33. > :08:42.on the front pages with offshore headlines above his picture. He has
:08:43. > :08:47.from the time he stepped foot in number ten been fighting to change
:08:48. > :08:52.that. He certainly has made a number of measures that have been helpful,
:08:53. > :08:54.in terms of opening up companies house which has been positive. The
:08:55. > :09:05.register of beneficial ownership that will come in later this year.
:09:06. > :09:11.In the interview today where he talked about the shares, he himself
:09:12. > :09:19.talked about the changing culture. He is feeling the pulse of that, but
:09:20. > :09:23.there is a different standard today regarding expectation from the
:09:24. > :09:28.electorate and how people should behave. The front page of the
:09:29. > :09:34.independent that story. In fact, the front pages of many stories. Cameron
:09:35. > :09:39.comes clean. He profited from Father's offshore bond. Can we turn
:09:40. > :09:52.to the times and another headache for the Prime Minister? The British
:09:53. > :09:57.still industry has been described as underinvested and overmanned. It is
:09:58. > :10:07.a miserable story for the people who are working in the still industry.
:10:08. > :10:13.To say it is underinvested and undermanned, who is responsible for
:10:14. > :10:17.that. It also? Is whether or not the steel being produced is the right
:10:18. > :10:23.quality. Is looking pretty grim. What happened here? Was still in
:10:24. > :10:34.demand, is it cheaper elsewhere and the bubble has burst? The person who
:10:35. > :10:39.bought the company, retrospectively it looks as if he overpaid for it.
:10:40. > :10:46.It is bad news for the government. He is saying that the new furnace
:10:47. > :10:54.needed in the plant in Port Talbot is ?2 billion to make it
:10:55. > :10:58.competitive. The most likely buyer of that, Mr Gupta, says he wants the
:10:59. > :11:02.government to help with building that. That is what the government
:11:03. > :11:06.might have to pay, on top of pension liabilities. If the governor wants
:11:07. > :11:14.to save this steel-maker, it could be forced to pump billions in here.
:11:15. > :11:19.It could be difficult for them. The science correspondence for the
:11:20. > :11:32.times. But at the city. The headline draws you in, which it is designed
:11:33. > :11:37.to do. This will cause quite corrupt and because there is such a debate
:11:38. > :11:50.about why we are generally becoming a nation of obese people which we
:11:51. > :11:58.are. However, a professor at Oxford says that the idea that that people
:11:59. > :12:07.are fat because it is their own faults says it is down to genetics.
:12:08. > :12:11.Also I would die are poorer. We eat fast food and additives. The sugar
:12:12. > :12:19.thing is a big debate. It is not just about lazy people who can't be
:12:20. > :12:27.bothered to get up and eat endless ranks of crisps, most people will
:12:28. > :12:30.know that this is helpful. There was another story about labelling which
:12:31. > :12:37.I would find quite hopeful. Instead of telling you how many calories are
:12:38. > :12:42.in your Sandwich, it will tell you how much exercise you would need to
:12:43. > :12:48.do to earn it. He would need to walk for miles to burn off the min spy.
:12:49. > :12:55.Four miles! Some people just find it harder. Thank you both for taking us
:12:56. > :13:09.through the front pages of tomorrow's papers. Whilst we have
:13:10. > :13:13.been on air, the mirror leaves with PM 's secret 30,000 stashed in a tax
:13:14. > :13:16.haven. Don't forget all the front pages are online right now on the
:13:17. > :13:18.BBC News website. It's all there for you, seven days
:13:19. > :13:21.a week, at bbc.co.uk/ papers. And you can see us there, too,
:13:22. > :13:24.with each night's edition of The Papers being posted
:13:25. > :13:27.on the page shortly