John McDonnell MP, Labour’s Shadow Chancellor, responding to the announcement that the government have agreed a deal on the global exchange of beneficial ownership information, said:

“This agreement is a welcome step in the right direction but it fails to do anything to tackle the tax havens based in British Overseas Territories. 

"Failure to take responsibility for these British Dependencies substantially undermines the effectiveness of this agreement.

"The Chancellor describing this deal as a ‘hammer blow’ is concerning as it suggests that he thinks the job is done when clearly more work is still needed.

"The truth is that George Osborne has been led to this position by campaigners and other countries, and deep down he doesn’t want to go further. We need a government that doesn’t drag its feet on tax avoidance but takes a genuine lead on working with our international partners.”