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British PM drowning in offshore issue

Friday, April 08, 2016 - 01:42

Pressure mounts on British Prime Minister David Cameron after he admitted he once had a stake in his late father's offshore trust, and distracts from his campaign to keep Britain in the EU ahead of a June referendum. Kirsty Basset reports.

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The 'Panama Papers'- which show how the world's rich and powerful stash their cash - have already claimed the career of one prime minister... Could Britain's David Cameron be next? Some newspapers and opposition figures were calling for Cameron to resign, after he admitted he did once hold a stake in his late father's offshore trust, and after four days of four different statements on the issue. (SOUNDBITE) (English) UNIDENTIFIED WOMAN, SAYING: "He must have known beforehand mustn't he? I think he should have put his hand up and been honest from the offset, when it all came out. Or beforehand, before it all came out." Icelandic Prime Minister Sigmundur David Gunnlaugsson quit his position on Tuesday after the leaked files showed his wife owned an offshore firm with claims on Iceland's collapsed banks worth more than 4 million U.S dollars. Cameron admitted cashing in shares worth 30,000 pounds in January 2010, and to paying the appropriate tax. (SOUNDBITE) (English) IG, MARKET ANALYST, CHRIS BEAUCHAMP, SAYING: "He will find life a lot more difficult but he can probably explain it in a way that reduces the pressure. Certainly the fact that he no longer has those shares and sold them before he became PM does give his case a bit more strength than the Icelandic PM's." He may keep his job - but the revelations come at a sensitive time - and may harm his campaign to keep Britain in the EU. The June 23 referendum on Britain's EU membership has split his Tory party - with many accusing Cameron of breaking a promise not to undermine the 'out' campaign - by spending 9 million pounds of government money on pamphlets they say are biased.

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British PM drowning in offshore issue

Friday, April 08, 2016 - 01:42