:00:15. > :00:17.Hello and welcome to our look ahead to what the papers will be
:00:18. > :00:21.With me are Kevin Schofield, who's the Editor of Politics Home,
:00:22. > :00:31.Nice to have you both here. We were slightly worried that neither of
:00:32. > :00:33.them would make it because of transport difficulties. The front
:00:34. > :00:35.pages, then. The Telegraph says David Cameron
:00:36. > :00:37.will make a 'robust defence' of tax-free gifts within families
:00:38. > :00:40.when he stands up in The Mirror says the Prime Minister
:00:41. > :00:43.faces a 'public grilling' over what it calls a 'second secret
:00:44. > :00:48.stash of shares'. The Times says the focus is now
:00:49. > :00:50.shifting to the Chancellor, George Osborne, and whether he'll
:00:51. > :00:53.publish his tax returns, The Guardian has more
:00:54. > :00:56.on the Panama Papers, alleging links between a top
:00:57. > :01:01.government tax official and the offshore fund belonging
:01:02. > :01:04.to Mr Cameron's late father. The FT leads with warnings over
:01:05. > :01:07.negative interest rates - they're intended to encourage growth
:01:08. > :01:09.but could undermine consumer spending, according to one major
:01:10. > :01:16.asset management group. Pressures on A is the top story
:01:17. > :01:19.for the Metro - it has a story about a grandmother forced to wait
:01:20. > :01:22.in a corridor for nearly 13 hours. The Express claims that the EU
:01:23. > :01:26.is poised to launch what it calls a 'power grab' for Britain's
:01:27. > :01:39.pensions and benefits. It's like Groundhog Day, isn't it?
:01:40. > :01:44.We will start with the Panama papers and all the fallout. The Telegraph,
:01:45. > :01:55.one of many with David Cameron's tax affairs on the front page. Why he
:01:56. > :02:01.needs to do that, Penny, I don't know, because the law says you can.
:02:02. > :02:06.We keep coming back to the same thing. If it's illegal, the problem,
:02:07. > :02:11.of course, is when they operate on the margins and it's all about,
:02:12. > :02:14.let's try and see if we can find a loophole. As we know, it is all
:02:15. > :02:18.about low poll. The point is, this is not about loopholes, it's
:02:19. > :02:23.actually the law that says you can give your children this money
:02:24. > :02:26.without paying tax on it. So what's the problem? Unless you are
:02:27. > :02:33.inherently disagree with that, in which case, of course there's a
:02:34. > :02:35.problem, but then there you need to change the law.
:02:36. > :02:37.There were revelations about these Panama papers and secret deals that
:02:38. > :02:42.were being done abroad that were being hidden. This has nothing to do
:02:43. > :02:46.with the Prime Minister, but it's become a very personal story for
:02:47. > :02:53.him. It has grown arms and legs in the week has gone on. Obviously, his
:02:54. > :02:56.father set up and run an offshore trust. That was the connection at
:02:57. > :03:02.first. Downing Street, the way they try to close it down last Monday was
:03:03. > :03:05.by saying that the Prime Minister's financial affairs are a private
:03:06. > :03:12.matter, and the thought that would draw a line under it, but that
:03:13. > :03:18.didn't work out. -- and they thought. Here we are a week later,
:03:19. > :03:22.and now David Cameron, Parliament is back tomorrow, so he is going into
:03:23. > :03:28.the Commons tomorrow to talk about this, and he is going to mount, it
:03:29. > :03:33.says here, a robust defence. This is not really part of the Panama papers
:03:34. > :03:36.at all, it is about the prime Minster's own financial arrangements
:03:37. > :03:43.and whether or not he or his family have benefited or have tried to
:03:44. > :03:51.dodge inheritance tax as a result of a ?200,000 gift from his mother. If
:03:52. > :03:58.he waited two years, there would be no tax to pay. The whole thing is,
:03:59. > :04:04.this all started when there was no absolute full and frank confection,
:04:05. > :04:07.as it were. If that had been the case, it would all have probably
:04:08. > :04:12.been, I don't know, but the suggestion is it would have been
:04:13. > :04:20.dust and done by now. First day, this is what happened, Bash Bosh,
:04:21. > :04:25.all done. The sums of money involved are beyond the wildest dreams of
:04:26. > :04:35.most people. The fact that the Prime Minister run the arms -- only earns
:04:36. > :04:40.?140,000. The figures are huge, and that is what is causing the alarm.
:04:41. > :04:49.If you look at the other front page... Would you like us to move
:04:50. > :04:58.on? I really was just... Let's do it anyway. All right! I just wanted to
:04:59. > :05:06.point to the Guardian, which is what many people will be feeling. This is
:05:07. > :05:09.not the story on the left. It is the other one which says the ultra rich
:05:10. > :05:13.are opting out of society while controlling it. Whether or not you
:05:14. > :05:18.agree, there are many people who feel that is the case. Indeed. Shall
:05:19. > :05:26.we look at the story we have boxed off on the left? Kevin. Again, as
:05:27. > :05:32.you say, this Panama papers then broke a week ago. There may be still
:05:33. > :05:36.a few weeks of this to run. The story they have today, or tomorrow
:05:37. > :05:44.rather, is that the head of HM RC, the Inland Revenue, which has been
:05:45. > :05:46.put in charge by David Cameron of investigating the Panama papers and
:05:47. > :05:55.whether any illegal activity has taken place, it turns out his name
:05:56. > :06:03.is Edward Troop, a former partner in a law firm whose clients included
:06:04. > :06:08.David Cameron's father's overseas trust, Blairmore Holdings. It is a
:06:09. > :06:11.bit convoluted uncomplicated. In actual fact, six paragraphs down, it
:06:12. > :06:17.says there is no suggestion of wrongdoing. But they've raised it
:06:18. > :06:24.anyway! Isn't that the whole thing? It is not quite poacher turned
:06:25. > :06:29.gamekeeper, but they have that. They have to have people with expertise
:06:30. > :06:37.who can go in and oversee the industry. There is a pool of
:06:38. > :06:40.experts. I expect that what they are insinuating in some way, even though
:06:41. > :06:48.there is no wrongdoing, is that it is all very cosy and everybody knows
:06:49. > :06:52.everybody. David Cameron, in another attempt to draw a line under this,
:06:53. > :06:59.has set up the tax force that will report to the Chancellor later in
:07:00. > :07:03.the year. They are trying to make out that if HM RC are in charge of
:07:04. > :07:07.it and the guy who is in charge of HM RC was in some way connected to
:07:08. > :07:13.the Panama papers... How independent can it be? Is it not a little bit
:07:14. > :07:16.suspect is mac we found out the Prime Minister is going to make this
:07:17. > :07:24.statement tomorrow in the House of Commons. There is also some
:07:25. > :07:31.suggestion as well that he will talk about making a criminal offence if
:07:32. > :07:37.companies and their employees are found to be aiding and abetting
:07:38. > :07:40.evasion. They have said that before. This may be David Cameron trying to
:07:41. > :07:44.reiterate it and show that this isn't something the Government has
:07:45. > :07:48.stumbled upon because he is in a bit of bother, that they are actually
:07:49. > :07:55.taking steps already. To be fair, they have done a bit on tackling tax
:07:56. > :08:01.avoidance and corruption. It's just, I think, people will look at it and
:08:02. > :08:10.think, this all looks like shutting the stable door after the horse has
:08:11. > :08:13.bolted. It is a whole herd of forces. Anybody can put the money
:08:14. > :08:18.offshore, if you know what you're doing, and if you have enough money.
:08:19. > :08:23.But most people don't have, do they? It comes back to the essential
:08:24. > :08:26.things in which is, these people say we are all in it together, and it
:08:27. > :08:29.feels like we are all in it together apart from the people at the top.
:08:30. > :08:32.That is how it feels to a lot of people.
:08:33. > :08:39.The Labour Party would like that to change. The New Dave says, isn't it
:08:40. > :08:46.time we demand all MPs tell the truth about tax. Full transparency.
:08:47. > :08:52.Labour are suggesting it should be mandatory for MPs to publish details
:08:53. > :08:58.of any offshore holdings, because a tax return one tell you that. No, it
:08:59. > :09:01.want. We're talking about full disclosure in that case. Jeremy
:09:02. > :09:05.Corbyn on TV this morning has agreed that all MPs, or even anyone
:09:06. > :09:14.standing to be an MP, even, he said political journalists - I'm not sure
:09:15. > :09:21.about that! Nothing to hide! It looks like this is the direction
:09:22. > :09:25.we're heading at an -- heading in at the moment. He didn't touch on
:09:26. > :09:34.inheritance tax? He didn't want to pursue that. A lot of people are
:09:35. > :09:42.saying, what about Tony Benn, who left quite a bit of money to his
:09:43. > :09:48.family? That was... Again, it is all about... It is legal. Ed Miliband as
:09:49. > :09:52.well had an arrangement with his mother. We should all be so lucky.
:09:53. > :09:57.They are saying at the moment that perhaps it should be overhauled at
:09:58. > :10:05.the moment because it unfairly penalises the middle classes.
:10:06. > :10:13.That's it - tax done, for this hour. The Financial Times - China admits
:10:14. > :10:19.steel glut to stay as executive attacks naive Europeans. The blame
:10:20. > :10:26.is being firmly laid at the door of the EU. And Britain in particular,
:10:27. > :10:33.for not tackling the Chinese steel glut. Yes, around 40,000 British
:10:34. > :10:37.steel workers face a very uncertain future, to put it mildly, as a
:10:38. > :10:42.result, mainly, of cheap Chinese steel being dumped on the market.
:10:43. > :10:46.The head of US steel is saying it is all Europe's own fault because they
:10:47. > :10:54.could have taken steps to stop China from doing this and have chosen not
:10:55. > :11:00.to. The states have put massive tariffs on Chinese steel. They are
:11:01. > :11:07.saying that Europe shouldn't be supporting the WTO's bid to make
:11:08. > :11:10.China a market economy, because it is still essentially a Communist
:11:11. > :11:22.country got up he is throwing the blame on Europe, saying, there is no
:11:23. > :11:30.point in blaming Europe now. -- the Chinese will be a huge market.
:11:31. > :11:34.But at what cost to us? In manufacturing, we keep on getting
:11:35. > :11:40.dreadful figures about it and industry. You have to sort of say,
:11:41. > :11:46.at what point do we need to protect the workers and the industries that
:11:47. > :11:51.we need? In the future, we will be purveyors of fine waiters and
:11:52. > :12:03.waitresses. And call centres. Service industries to the world.
:12:04. > :12:11.I and possibly Penny, need to declare an interest, as we are from
:12:12. > :12:26.Leicestershire. We didn't have a football team. Touching distance is
:12:27. > :12:33.the headline. They got seven points clear. You have never been to
:12:34. > :12:38.Leicester. Fantastic story, whoever you support. Unless you are a
:12:39. > :12:43.Tottenham fan, because they are the only team that can release top them
:12:44. > :12:49.in the league. If you are neutral or a supporter of another club, it is
:12:50. > :12:53.incredible. It would be the most incredible story of the Premier
:12:54. > :13:04.League a, and maybe going back to the 70s. -- the Premier League era.
:13:05. > :13:07.They have created, without doubt, the greatest team. You just hope
:13:08. > :13:12.that they can see it over the line. Jamie Vardy got a lot of credit
:13:13. > :13:17.because he scored the goals. He has scored 20 goals, the most since Gary
:13:18. > :13:24.Lineker in 1984. Gary Lineker said that if Leicester win, he will... He
:13:25. > :13:36.said he will present the first Match Of The Day. I was asked to do the
:13:37. > :13:46.news. In the event that it happens. Kasper Schmeichel, the goalkeeper, a
:13:47. > :13:49.very clean sheet. They have no real superstars in their team. They are
:13:50. > :13:55.more than the sum of their parts. There are no prima donnas, just
:13:56. > :13:59.great, traditional sporting players. I was reading an article in one of
:14:00. > :14:04.the weekend magazines about all the supporters. They were just so
:14:05. > :14:06.excited for stop its lovely. You hope for their sick that they can
:14:07. > :14:14.see it through, because the disappointed if they don't would
:14:15. > :14:25.be... Don't! My house, they would be wearing black armbands.
:14:26. > :14:31.The Telegraph - town hall planning chiefs sending drones. What's that
:14:32. > :14:36.about? Drones could be used to check on planning applications will stop
:14:37. > :14:43.it is being used by councils to fly over the homes of people seeking
:14:44. > :14:49.planning approval. Two councils admitted that they have been used.
:14:50. > :14:53.They are using them -- they have used them in the past check on the
:14:54. > :14:58.condition of council buildings. Of course, the problem is about privacy
:14:59. > :15:07.and all the rest of it. Two drones for five grand - not bad. Years ago,
:15:08. > :15:10.people used to come to the door saying, we have flown over your
:15:11. > :15:17.house and taken a photo, would you like to buy? I think that was in the
:15:18. > :15:21.1980s. I had somebody not so long ago, but where I live it is a lot
:15:22. > :15:26.like the 1980s. They sold them to you. You would have a big old
:15:27. > :15:38.photograph or stop it is quite sinister, the drone technology. --
:15:39. > :15:43.big old photograph. It's quite sinister, the drone technology.
:15:44. > :15:52.That is it for this hour. We will be back in an hour or more. Stay with
:15:53. > :15:57.those here on BBC News. At 11pm, the row over the primer is the's tax
:15:58. > :16:00.affairs continues as Labour continues to call for David Cameron
:16:01. > :16:02.to reveal more information.