07/04/2016 The Papers


07/04/2016

No need to wait to see what's in the papers - tune in for a lively and informed conversation about the next day's headlines.


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Transcript


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Hello and welcome to our look ahead to what the the papers will be

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With me are Lucy Cavendish, the journalist and writer,

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and Tom Bergin, the business correspondent and author

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Congratulations on your book! But don't start plugging it, it is the

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wrong show! LAUGHTER

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The I leads with the story that David Cameron owned ?30,000 worth

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of shares in his late father's offshore trust in Panama.

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As does the Metro, which says that Mr Cameron sold his stake

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months before becoming Prime Minister in 2010.

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The Financial Times headlines that the former Chairman of Tata has

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defended the decision to sell it's UK steel plants, calling them

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The Telegraph says David Cameron has been forced to commit

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to publishing his tax returns, after admitting that he had

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personally profited from his stake in his father's offshore investment

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The Guardian's front page is dedicated to the Panama Papers -

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as it has all week - including a story that a piece

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of artwork stolen by the Nazis is currently the property

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of a gallery with links to the law firm Mossak Fonseca.

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The Times carries a picture of terror suspect known as the 'man

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in the hat' on the streets of Brussels hours after

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The Mail also leads on David Cameron's tax affairs -

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suggesting that he accepted that some of the ?300,00 left to him

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suggesting that he accepted that some of the ?300,000 left to him

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by his father may also have come from funds lodged offshore.

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And the Express also leads on the same story.

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Most newspapers do, as you can imagine.

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So, the devil is in the detail. What is it that people really want to

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know about this? Number one, has he done anything illegal and the answer

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is, no he I do know why he did not just say

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this in the first place. He's talked about capital gains. He has given an

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interview to Robert Heston. He is upset and hurt about the way his

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father 's name is being besmirched. It was all souls, done and dusted

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before he came into office. For me are many people -- for me and many

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people what lingers is the us and them. The rich and powerful and the

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others are doing something that smacks of something slightly dodgy

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and making money from it that isn't transparent and that we don't really

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know about. Tom, is it fair to describe, I am just talking about

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David Cameron here and not the many other people implicated in this, is

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it fair to say smacks of being slightly dodgy? In terms of his

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behaviour, he has been open with the tax authorities. He says HM C knows

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all about it. That seems to be the case. This was an offshore trust.

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The fund itself, the tax avoiding offshore funds, was the fund itself

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questionable? That could have been damaging to him. I do really

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understands it because I've never had enough money. It seems as if it

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was that they invested in that allowed them to invest in dollars.

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It was a way of making a little bit of money? That is the way it has

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been described. This is an area I have done a lot of investigation on,

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tax avoidance. What is interesting about this is this fund involved

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bearer shares. That's weight you just hold the share. So you are not

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hiding the money? People involved in this were not looking to avoid tax,

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but bearer shares are effective and that is why they have been banned.

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Certain aspects of these funds are ones that today, legally due could

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not design this kind of fund and these are the issues that can appear

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damaging. There is no suggestion that he has done anything wrong, but

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it's difficult to see the financial benefit he would have received.

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However, the fund has features people might be uncomfortable with.

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It is pretty much devoted to the front page of the daily Telegraph,

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which is unusual because they do try to have a high story count. I did

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have money offshore is the headline. Cameron admits having shares in a

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tax haven scheme. There's also the issue of the pro-EU leaflet. I spoke

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to Tom Watson earlier. Some of the papers don't quite seem to have got

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the reaction on their front pages in time. He said David Cameron needs to

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make it clear what shares he has held since becoming an MP in 2001.

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They wanted everything, every financial detail. Yes, and if we are

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going to have transparency, which they do in Norway about everyone's

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tax affairs, you can't just have David Cameron. I could not paying

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top Watson -- Tom Watson down on that. Very little has come up from

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the Labour Party on the front pages, but the other thing we were talking

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about is what is legal and what is illegal. There are clear laws for

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things like assault another, but in terms of tax, what is legal and what

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is illegal is totally unclear. Absolutely. This is the constant

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complaint that people have. HMRC are constantly asked why they don't go

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after people. Tax is complicated and until someone mitigates it, it's

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difficult to know. Big stories have emerged within a big story. Fifa,

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President Putin's friends. It is a huge story because of the way people

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feel. Yes, because whether it is legal or illegal, most of us feel we

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have been sold a bit of a dark. Most of us are law-abiding people who pay

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our tax upfront. Other people are going doing other things, evading

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tax in countries where they actually make a lot of money and they are not

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paying their taxes and being part of what our social system is and it is

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incredibly irritating, and it is immoral. Here is the Prime Minister

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on the front pages with offshore headlines above his picture. He has

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from the time he stepped foot in number ten been fighting to change

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that. He certainly has made a number of measures that have been helpful,

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in terms of opening up companies house which has been positive. The

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register of beneficial ownership that will come in later this year.

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In the interview today where he talked about the shares, he himself

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talked about the changing culture. He is feeling the pulse of that, but

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there is a different standard today regarding expectation from the

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electorate and how people should behave. The front page of the

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independent that story. In fact, the front pages of many stories. Cameron

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comes clean. He profited from Father's offshore bond. Can we turn

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to the times and another headache for the Prime Minister? The British

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still industry has been described as underinvested and overmanned. It is

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a miserable story for the people who are working in the still industry.

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To say it is underinvested and undermanned, who is responsible for

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that. It also? Is whether or not the steel being produced is the right

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quality. Is looking pretty grim. What happened here? Was still in

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demand, is it cheaper elsewhere and the bubble has burst? The person who

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bought the company, retrospectively it looks as if he overpaid for it.

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It is bad news for the government. He is saying that the new furnace

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needed in the plant in Port Talbot is ?2 billion to make it

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competitive. The most likely buyer of that, Mr Gupta, says he wants the

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government to help with building that. That is what the government

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might have to pay, on top of pension liabilities. If the governor wants

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to save this steel-maker, it could be forced to pump billions in here.

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It could be difficult for them. The science correspondence for the

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times. But at the city. The headline draws you in, which it is designed

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to do. This will cause quite corrupt and because there is such a debate

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about why we are generally becoming a nation of obese people which we

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are. However, a professor at Oxford says that the idea that that people

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are fat because it is their own faults says it is down to genetics.

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Also I would die are poorer. We eat fast food and additives. The sugar

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thing is a big debate. It is not just about lazy people who can't be

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bothered to get up and eat endless ranks of crisps, most people will

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know that this is helpful. There was another story about labelling which

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I would find quite hopeful. Instead of telling you how many calories are

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in your Sandwich, it will tell you how much exercise you would need to

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do to earn it. He would need to walk for miles to burn off the min spy.

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Four miles! Some people just find it harder. Thank you both for taking us

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through the front pages of tomorrow's papers. Whilst we have

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been on air, the mirror leaves with PM 's secret 30,000 stashed in a tax

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haven. Don't forget all the front pages are online right now on the

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BBC News website. It's all there for you, seven days

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a week, at bbc.co.uk/ papers. And you can see us there, too,

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with each night's edition of The Papers being posted

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on the page shortly

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