"It's a disgrace!" said Labour Euro MP Alex Mayer after East of England Conservative MEPs Geoffrey Van Orden and John Flack failed to vote for new rules to tackle tax avoidance in the European Parliament,
How the rich and powerful hide their assets and dodge their taxes was sensationally revealed by the leak of the Panama Papers.
The Panama Papers revealed Britain to be top of the leader board, with 17973 offshore companies and trusts, the greatest number, amongst EU nations.
The key European recommendations are for a ban on “letter box companies”, domiciling in low-tax regimes while conducting their business elsewhere and for a global definition of a tax haven.
Speaking today in the European Parliament Chamber Alex Mayer MEP said: “Trillions of pounds, euros and dollars are being siphoned off through loopholes to avoid tax, whilst our public services are starved of money and world’s poorest are hit hardest.
“Sadly, though our Government have not shown leadership in Westminster to tackle tax dodging, and here in Europe, again and again, the Conservatives have sought to water down and block action to combat tax avoidance.
“It is high time we end having one set of rules for the super-rich and another for the rest of us.”