The Queen Accused Of Exploiting the Poor

The Queen is being accused of exploiting the poor as funds have been found to be invested in controversial retailer BrightHouse. According to the BBC about £10m of the Queen's private money was invested offshore, leaked documents show. The Duchy of Lancaster, which provides the Queen with an income, held funds in the Cayman Islands and Bermuda. A small amount ended up in the company behind BrightHouse, a chain accused of irresponsible lending, and Threshers, which went bust owing £17.5m in UK tax. The Duchy said the BrightHouse holding now equates to £3,208 and it was not involved in fund investment decisions.

Image: Controversial retailer BrightHouse

For hard-pressed families wanting household goods, the monthly payments at electricals store BrightHouse can be tempt families to spend. Hovever extraordinary interest payments can mean a £600 computer at Currys costs more than £2,000 at BrightHouse, while an easy-looking £7.50-a-month TV spirals into a bill of £1,100.

The mass leak of more than 13 million files revealing the offshore dealings of the global elite has this morning diverted attention from Westminster’s sexual harassment scandal. The extraordinary revelation the queen herself has money stashed offshore via the Duchy of Lancaster was the most dramatic revelation of Day 1 of this story, which has been worked on collaboratively by journalists from nearly 100 media organizations around the world including the BBC and the Guardian. The Beeb ran a Panorama special at 6 p.m. last night, and the Guardian dropped its first tranche of stories at the same time. They splash the story today along with the Times, the Mirror, the Mail and the i. No illegal activity has been alleged so far.

Planet Tory: Pop stars Bono and Michael Hutchence are named in the files, as are major shareholders in Arsenal and Everton FC, plus multinational firms including Apple and Nike. But for Westminster-watchers the most interesting story may be the allegation that Conservative Party donor Michael Ashcroft had a cool £340 million legally stashed in a Bermuda-based trust. Panorama alleges he may yet face a hefty tax bill from HMRC. Expect questions to dog Theresa May — and beleaguered Tory Party Chairman Patrick McLoughlin — all week.

What happens next: McDonnell is doing a full broadcast round this morning, including a pre-recorded interview for the 8.10 a.m. slot on the Today program. Corbyn is speaking at the CBI annual conference at 11.50 a.m. and will surely take the opportunity to raise the leak. And expect Labour to press for an Urgent Question in the Commons this afternoon too. If granted it should happen around 3.30 p.m. with a Treasury minister responding at the dispatch box.

Nice timing: Jon Thompson, the chief executive of HM Revenue and Customs, and a string of his top officials are before the Commons public accounts committee this afternoon at 3.30 p.m.

Parliamentary inquiry: Speaking on the BBC’s Westminster Hour last night, Tory MP Kit Malthouse said it is likely the Commons Treasury committee — of which he is a member — will now launch a new inquiry into tax havens. “We have to bear in mind that I haven’t seen anything so far that alleges anything that’s illegal,” he said. “And therein lies the nub of the problem. It’s down to us as politicians internationally to sort this out.”

More to come: The Guardian and other news outlets will be dropping further stories tonight and throughout the coming week.

Image: Guardian Front page