John McDonnell MP, Labour’s Shadow Chancellor, responding to the EU investigation into the UK’s “controlled foreign company” schemes, said:

“The new EU investigation into the controlled foreign company tax dodge opened up by the Conservatives vindicates Labour’s demands for its closure and blows Tory claims to be targeting tax avoidance out of the water.

“Far from clamping down on tax dodgers, Conservative-led governments have made it easier for tax avoiders to duck their obligations to society and not pay their fair share of tax.

"Labour’s election manifesto demanded the closure of the controlled foreign company loophole and only Labour will take the tough action needed to end the scourge of tax avoidance and build an economy for the many, not the few.”