THE Labour party has called for ‘heads to roll’ within the Royal household after the Queen was implicated in the Paradise Papers scandal.
Among the 13.4 million files leaked by hackers, information showed that in 2004-05 the Duchy of Lancaster estate invested over £10 million in two offshore companies in Bermuda and the Cayman Islands.
The Queen has been criticized after that money was in turn invested in BrightHouse, a rent-to-own firm slammed for offering ‘irresponsible lending’ and failed off-licence chain Threshers.
“This is shameful, I am appalled by these revelations,” said Labour MP Grahame Morris.
“Even if it was the Duchy of Lancaster investing the money in the Cayman Islands, it is ultimately the Queen’s responsibility to ensure her investments are carried out responsibly.”
Labour MP Stella Creasy said those responsible for the investments should be fired immediately.
“Whoever made the choice to put the Royal family’s money into a tax haven, heads certainly have to roll as a matter of urgency,” she said.
The Duchy has said they were not involved in decisions made by the funds in question to invest money into BrightHouse.
The Paradise Papers, which cover the period 1950 to 2016, mostly relate to transactions made by Appleby, a law firm and financial services provider.
The organisation helped some of the world’s most powerful individuals avoid tax, including the American Commerce Secretary Wilbur Ross.