Labour Party leader Jeremy Corbyn has lashed out at Prime Minister David Cameron saying he “misled the public" after the former admitted that he had profited from an offshore trust fund set up by his late father.
In a strongly worded statement released on Friday, the opposition leader said the revelations not only “raised issues about the prime minister's personal integrity" but "also highlight his Government's failure to take decisive action to crack down on tax avoidance and evasion."
Corby added that, "The Prime Minister has lost the trust of the British people. He must now give a full account of all his private financial dealings and make a statement to Parliament next week. Only complete openness from the prime minister, and decisive action against tax avoidance and evasion, can now deal with the issues at the heart of this scandal."
The documents, released as part of the Panama Papers leak, showed that the prime minister’s father Ian Cameron, who passed away in 2010, opened a fund under the name of Blairmore Holdings.
Cameron sold the fund for around US$42,000 six years ago, just before he took office. The Conservative denied having financial investments abroad earlier this week when the papers came out which has stoked ire among opposing parties in the U.K.
Cameron’s financial irregularities also appear to have had a profound on his popularity with the British electorate with Corbyn now more popular than the prime minister for the first time, according to a poll.
A YouGov poll, conducted between April 6 and 7, shows Cameron's approval rating is now at the lowest level since July 2013 and is for the first time lower than Jeremy Corbyn's.
About 34 percent say Cameron is doing well as prime minister and 58 percent say he is doing badly. While 30 percent of those polled said Jeremy Corbyn is doing well and 52 percent say he is doing badly.
The prime minister insists the money in Blairmore Holdings was subjected to U.K. tax rules and the profit he made from the sale was minimal.