Shadow chancellor sets out plans

The UK’s Labour party has been explaining what it would do about offshore tax avoidance if it comes to power.

In the House of Commons this week, Shadow Chancellor John McDonnell said the party would set up public ownership registers for companies and trusts – and insist Crown Dependencies and Overseas Territories followed suit.

The Manx government recently announced it would set up a register, but that won’t be publicly accessible.

Mr McDonnell, the MP for Hayes and Harlington told the Commons more tax transparency is needed: