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