Oxfam yesterday urged the Government to crack down on tax havens used by British citizens. The charity estimates that one third of the $18.5 trillion that is being held in tax havens is held in a British Overseas Territory or Crown Dependency. Oxfam suggests the money recouped following tougher laws on tax avoidance could be used to help developing countries.

Emma Seery, Oxfam’s Head of Development Finance and Public Services, said:

David Cameron and [Chancellor] George Osborne continue to tour the world making promises to clamp down on tax havens, but so far they’ve done absolutely nothing to make tax deals work for poor countries.

“The UK and Europe cannot stand by and watch more people fall victim to the bite of austerity while billions are lost from the public purse on their watch.

“Unless the EU agrees a tax havens black list and clear sanctions, we’ll get little more than hot air from leaders.

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http://www.guardian.co.uk/business/2013/may/22/tax-lost-offshore-end-poverty-oxfam