PM admits he profited from Dads offshore investments

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Post by ShahenshahG on Thu 07 Apr 2016, 8:09 pm

After the sh*te over the last few days, he's admitted that he's profited from it. Rather stupidly making it obvious on each day that he had something to hide. What happens now? Resignation? Big apology? How the feck can he show his face in the next tax evasion summit? Will he put a safeguard requiring every MP to publicise every financial detail? I'm just not sure what it means as the public seems to have reacted with a big fat meh.

Do you think he should resign or do you think he can recover from this?


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Post by Duty281 on Thu 07 Apr 2016, 9:01 pm

This, and the £9 million spent on pro-EU literature at the taxpayers' expense, has probably ensured the demise of a truly pathetic Prime Minister.

He won't resign now - the upheaval for this country would be too great - but he will take his leave over the summer, after the victory for 'Leave' knocks the last bit of life out of his Premiership.

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Post by Fernando on Thu 07 Apr 2016, 9:09 pm

The guy is a c*nt Laugh

He denied it 6 times then went ok you got me.

Should of just been honest from the start but that's too much to expect from a government nowadays.

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Post by Rowley on Thu 07 Apr 2016, 10:22 pm

The meh reaction is probably inevitable. I think on the back of the expenses scandal and various other hits to their credibility we have such low faith in our politicians now we expect and have become pretty much immune to stuff like this. As Duty has said I can't see him resigning over this, but you'd struggle to see how he can sit across a table from Google's chief executives and push for them to pay more on the back of this scandal.

Reality is though it is business as usual. He leads a party who at best had paid lip service to closing tax loopholes and actually collecting revenues. I guess this scandal spares him the effort of going through the charade from now.

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Post by Guest on Thu 07 Apr 2016, 10:32 pm

Well all a politician has is trust, if he loses the trust he is gone. The Icelandic PM resigned.

I must say the quality of the politicians in the House of Commons is poor.

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Post by Pr4wn on Fri 08 Apr 2016, 9:04 am

He had the stones to go after Jimmy Carr when he's exactly the same. What else did people expect from a guy that has lied his way through the job thus far?

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Post by Alistair on Fri 08 Apr 2016, 10:19 am

Can't stand DC, or his smug, rich boy face, however...

If you read his statements, he's actually been vaguely truthful. He won't make any future profits, because he cashed out. He never invested in the company, the shares were left to him by his Dad. If he paid UK Tax on the £30,000 he says he sold them for, is he actually in the wrong?

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Post by Pr4wn on Fri 08 Apr 2016, 10:33 am

Yes, completely.

Firstly, he deliberately misled the public in not telling the whole truth to begin with in the hope that this sorry mess would just blow over.

Secondly, as I said above, he lectures others about the immorality of keeping money offshore when he's done exactly the same thing in the past. The only reason he sold it is because he became PM. Had he not gone into politics you could bet your bottom dollar he'd still be doing it.

For the last few days he's been desperately trying to find a way of weaseling out of this and he's only admitted it because he's been backed into a corner.

The saddest thing about this whole affair is the sense of resignation among the public. It's sad that we almost expect rubbish like this from our politicians, that's it's expected that the Prime Minister deliberately misleads the British people.

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Post by Alistair on Fri 08 Apr 2016, 10:38 am

Fair enough, Pr4wn.

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Post by TRUSSMAN66 on Fri 08 Apr 2016, 11:27 am

It's not going to be a problem for him......Most voters think this is the behaviour of privileged types and faith in politicians is at an alltime low anyway......He is nothing if not resilient..

This £9 million spent on pro EU literature is likely to have more long term damage..

His problem will come from his back benchers after June.......If he loses the vote he's gone.....If he wins you've got enough peed off back benchers who think he's playing fast and loose to start a leadership battle in motion..

My bet is this £9 million will be a problem..


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Post by Rowley on Fri 08 Apr 2016, 12:19 pm

Pr4wn wrote:

The saddest thing about this whole affair is the sense of resignation among the public. It's sad that we almost expect rubbish like this from our politicians, that's it's expected that the Prime Minister deliberately misleads the British people.

He'd get impeached in the US, here he gets a couple of critical editorials in the Guardian and it's business as usual within a couple of days. The saying we get the politicians we deserve does have some truth to it unfortunately.

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Post by Alistair on Fri 08 Apr 2016, 12:30 pm

Rowley wrote:
Pr4wn wrote:

The saddest thing about this whole affair is the sense of resignation among the public. It's sad that we almost expect rubbish like this from our politicians, that's it's expected that the Prime Minister deliberately misleads the British people.

He'd get impeached in the US, here he gets a couple of critical editorials in the Guardian and it's business as usual within a couple of days. The saying we get the politicians we deserve does have some truth to it unfortunately.

Can I use the 'I didn't vote for him' line?

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Post by TRUSSMAN66 on Fri 08 Apr 2016, 12:35 pm

Rowley wrote:
Pr4wn wrote:

The saddest thing about this whole affair is the sense of resignation among the public. It's sad that we almost expect rubbish like this from our politicians, that's it's expected that the Prime Minister deliberately misleads the British people.

He'd get impeached in the US, here he gets a couple of critical editorials in the Guardian and it's business as usual within a couple of days. The saying we get the politicians we deserve does have some truth to it unfortunately.

Hardly likely to get impeached for this......Warren Harding never would have been President...(1921-23) died in office..

Burglary..........Trousers down in the whitehouse and lying about it.......and violation of tenure in office (Because he kept vetoing bills) are the the only three examples of impeachment in 250 years of history....

Nixon...Clinton and Andrew Johnson..

Only Nixon was nailed.......

Anyway maybe Cameron likes jazz so go easy on him..

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Post by TRUSSMAN66 on Fri 08 Apr 2016, 12:47 pm

Johnson was Lincoln's VP.......He was be assasinated that night with him....But decided he didn't want to go to the theater that night..

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Post by CaledonianCraig on Sat 09 Apr 2016, 2:27 pm

More corruption at Westminster - straight at the top and people wonder why Westminster is so frowned upon.
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Post by TRUSSMAN66 on Sat 09 Apr 2016, 5:10 pm

Where is the corruption in this ??

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Post by Hammersmith harrier on Sat 09 Apr 2016, 7:46 pm

It's morally wrong but don't kid yourself into thinking that you'd not consider doing the same if you had the money to profit it from it. In a perfect world, we leave the EU and Johnson takes over from Cameron but doubt we'll be that lucky.

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Post by GSC on Sun 10 Apr 2016, 12:13 pm

To be honest I'm struggling to care either way to be honest. Seems more like a storm in a teacup.

More interested in whether Labour can finally take advantage of another gift handed to them on a plate.
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Post by Shifty on Sun 10 Apr 2016, 12:37 pm

I do wonder if this "scandal" has been an ace up someones sleeve to be used at just the right time to damage the Prime Minster. Why does this come out just before the referendum? The timing is amazing.

What I will say is this was Cameron's FATHER's account, not his, he simply inherited the money. I can't really wrap my head around the problem here. From what I can understand these accounts can be legitimate, but also have the potential to be used for fraud. But as David didn't open it himself or indeed hasn't got any of his own, what's the problem?
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Post by GSC on Sun 10 Apr 2016, 12:43 pm

Its the panama papers leak I think Shifty, his dad was implicated in those papers among others.

The point that it was his dads account probably ties into why I'm not that fussed to be honest. Didnt he sell his shares and pay tax on the profit?
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Post by Lowlandbrit on Sun 10 Apr 2016, 1:25 pm

Shifty wrote:I do wonder if this "scandal" has been an ace up someones sleeve to be used at just the right time to damage the Prime Minster.  Why does this come out just before the referendum?  The timing is amazing.
Don't really buy that, haven't seen any Tories attack him over it, and Labour are theoretically in the Remain camp.

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Post by Shifty on Sun 10 Apr 2016, 6:12 pm

I'm not sure lads, I'll be honest these financial matters are simply above my understanding. I go to work, my money goes in Friday, 2 biological kids, 3 step kids, 1 ex and a girl friend later and I'm over drawn by Monday. mad
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Post by TRUSSMAN66 on Sun 10 Apr 2016, 6:27 pm

Good timing for Cameron...Out campaigning Tories have to be good because there are lots of candidates currently trying to get elected in May..

Also Labour are crap which is a bonus.

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Post by Pr4wn on Mon 11 Apr 2016, 9:30 am

Indeed, can you imagine how many nervous Tories there are with money squirreled away offshore?

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Post by TopHat24/7 on Mon 11 Apr 2016, 10:51 am

Not sure if this will work but:

Code:
<div id="fb-root"></div><script>(function(d, s, id) {  var js, fjs = d.getElementsByTagName(s)[0];  if (d.getElementById(id)) return;  js = d.createElement(s); js.id = id;  js.src = "//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.3";  fjs.parentNode.insertBefore(js, fjs);}(document, 'script', 'facebook-jssdk'));</script><div class="fb-video" data-allowfullscreen="1" data-href="/rob1972/videos/vb.547512999/10154110453578000/?type=3"><div class="fb-xfbml-parse-ignore"><blockquote cite="https://www.facebook.com/rob1972/videos/10154110453578000/"><a href="https://www.facebook.com/rob1972/videos/10154110453578000/"></a><p>The moment the bbc gets put back in the box by a tax expert. What the headlines should read is &quot;man makes a modest investment and pays all his tax&quot;</p>Posted by <a href="#" role="button">Rob Holden</a> on Friday, April 8, 2016</blockquote></div></div>

Basically the moment a hilariously dull & benign tax account makes a mockery of the BBC's lack of understanding. As the original poster pointed out: "Man makes modest investment and pays all his tax" just wasn't the attention grabbing headline the media were looking for....

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Post by TopHat24/7 on Mon 11 Apr 2016, 10:54 am

Pr4wn wrote:He had the stones to go after Jimmy Carr when he's exactly the same. What else did people expect from a guy that has lied his way through the job thus far?

100% not the same.

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Post by TopHat24/7 on Mon 11 Apr 2016, 10:57 am

Alistair wrote:Can't stand DC, or his smug, rich boy face, however...

If you read his statements, he's actually been vaguely truthful. He won't make any future profits, because he cashed out. He never invested in the company, the shares were left to him by his Dad. If he paid UK Tax on the £30,000 he says he sold them for, is he actually in the wrong?

No, he's not, not in the slightest. I wouldn't vote for him/this govt again, but the hyperbolic bullsh!t surrounding this stinks. He made an investment, earned a profit, paid his tax bill in full.

Something thousands, if not millions, of UK tax payers do every year.

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Post by TopHat24/7 on Mon 11 Apr 2016, 11:00 am

CaledonianCraig wrote:More corruption at Westminster - straight at the top and people wonder why Westminster is so frowned upon.

Whereas in Scotland they're happy for their SNP MPs to make millions poaching the vulnerable-persons housing market and robbing struggling folk blind. Would LOVE to see full disclosure of that SNP woman's tax affairs.

Though I don't expect we'll see anything from the world's most hypocritical party (like permitting fox hunting in Scotland but then stopping the law being re-opened in the UK [FWIW something I agree with]).

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Post by Pr4wn on Mon 11 Apr 2016, 11:01 am

TopHat24/7 wrote:
Pr4wn wrote:He had the stones to go after Jimmy Carr when he's exactly the same. What else did people expect from a guy that has lied his way through the job thus far?

100% not the same.

Ok, accepted, but he still deliberately misled the public with his wooly statements. He was dishonest without telling outright lies.

How are the public supposed to trust him?

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Post by TopHat24/7 on Mon 11 Apr 2016, 11:27 am

Yeh, he was an idiot being wooly, has not helped at all. But the issue is, joe public are so ignorant, deluded and after blood - nothing he could or should have said would really have chaged public opinion of him or the situation. He was pushing water uphill from the get go.

Everybody knew he was a long-standing welathy man. That isn't new. There's no sign of inpropriety in his tax affairs and, as the tax expert pointed out to the Beeb, there's never been a 'tax' advantage to the domiciled status of the fund he invested in.

Trust is well and truly shot to pieces though.

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Post by Pr4wn on Mon 11 Apr 2016, 11:32 am

That's the thing. He isn't trustworthy at all. Neither is Osborne, for that matter. The public can't stand him.

Cameron has to go and I reckon there will be an election shortly after the referendum.

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Post by TopHat24/7 on Mon 11 Apr 2016, 11:38 am

Ironically I think Corbyn is more trust worthy but less competent. And no englishman should let John McDonnell near government.

I still favour Tim Farron as a balance of the two (trust & competence) and hope Tory failings get reflected in a bit of LD resurgence.

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Post by TopHat24/7 on Mon 11 Apr 2016, 1:17 pm

From the Economist:

PART of the art of politics is crisis management: making embarrassments and other disadvantageous stories go away. But over the past week, David Cameron—whose antennae often seem as sharp as the best of them—has somehow managed to do the opposite. He has turned a pedestrian story about his personal finances into a rolling scandal.

How? The Panama Papers leak revealed that the prime minister’s late father, Ian, had something called a “unit trust” fund, whereby a group of people pool their money (by buying shares, or units, of the total kitty) and use it to invest in a variety of securities, spreading the risk. Its incorporation offshore, initially in Panama, was seemingly motivated by administrative convenience rather than tax-dodging: the Camerons paid British taxes on their income from it. Millions of Britons use similar arrangements, albeit indirectly, through pension funds which invest in hedge funds prone to such practices. Nothing that has emerged suggests that the prime minister’s family broke any rules.

But concerned for his family’s privacy and anxious to keep his father from appearing in the Panama coverage alongside crooks and drug lords, Mr Cameron let the story run away from his control by insisting that it should be treated as a private matter. So Downing Street stonewalled journalists. And this created the impression that he had something to hide, fuelling speculation and delaying by several days his—probably inevitable—concession that he had held a stake in the “Blairmore” fund and had sold it just before becoming prime minister. The delay triggered a cycle: each disclosure begetting new yowls of outrage (some seemingly prompted more by the fact of his very considerable wealth than by any particular detail of his financial arrangements) and new prurient questions about his family’s money.

That much became clear today when, publishing his tax returns from 2009 to 2015 in a bid finally to get ahead of the story, the prime minister made it known that his mother had made him a gift of £200,000 after his father’s death in 2010, to balance out the latter’s estate among his four children. This was a tax-efficient move. As Jolyon Maugham, a tax barrister, has noted, the sums and the threshold in question are such that had Ian Cameron bequeathed a “balanced” inheritance directly to his children, the family would have had to pay a heap of inheritance tax. This practice, like the unit-trust investment, is unremarkable and involves no rule-breaking. In other words the Camerons responded normally to the signals sent by the tax system. Anyone who reckons the result is unjust—and it is perfectly valid to argue that it would be meritocratic to shift the tax burden away from income and towards wealth and inheritance—really has beef with the system rather than with Mary Cameron and her late husband.

Yet in the political arena, such nuances count for little. As David Cameron begins Parliament’s first week in session after the Easter recess—he appears before MPs tomorrow to set out how the government will investigate the Panama Papers revelations—he faces demands for further disclosures and questions about his income and assets prior to becoming prime minister. Jeremy Corbyn, Labour’s leader, has called on all cabinet ministers to publish their tax statements. George Osborne is under particular pressure. In Scotland, where the parliamentary election campaign is approaching its culmination, senior politicians are pointedly falling over themselves to publish their tax returns.

Quite where this transparency bidding war ends up depends on how the news cycle develops this week. The story should eventually blow over, especially if the prime minister’s opponents ultimately have no misdemeanour to pin on him, as seems to be the case. But it may mark the beginning of a newly intrusive climate in which the electorate is deemed to have a right to know all about its legislators’ dough. A debate remains to be had about whether that is positive (cleaning up politics and giving voters more power) or negative (enshrining a cynical presumption of wrong-doing and thus putting off prospective politicians).

Nonetheless, events to date have already served as a reminder of two things. The first is that anti-establishment feeling, among the politically active at least (admittedly a huge caveat), is running high. In other times, Mr Cameron’s reticent reaction to the story about his father might have been the end of the matter. Yet today it was pounced on by the prime minister’s rivals on both the left, in the Labour Party, and the right, on the Eurosceptic wing of the Conservative Party, whose residual loyalty to the prime minister for winning last year’s election has been drained by his pro-EU campaigning over the past weeks.

The second is that for all his political skills, Mr Cameron has real weaknesses. In the months after last year’s election the prime minister’s stock rose higher than the reality would bear. He is a very talented premier, is (until proven otherwise) a decent man and combines a sense of reasonableness and credibility with a smoothly efficient operation more than any British politician since Tony Blair. Yet along with the drama over cuts to disability benefits last month and the mishandling of the steel crisis in recent weeks, Downing Street’s reaction to the Panama Papers—slow, unimaginative and chippy—illustrated an important truth. Mr Cameron is much more than the pampered posh boy of his critics’ imagination, but he suffers from blind spots, slips of judgment and confirmation bias all the same. This is by no means the first time that he has lost control of a news story, or allowed personal loyalties to cloud what should be rational political decisions. He is not remotely as bad a politician as many of his critics claim. But nor is he as flawless a political leader as his admirers boast.

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