What is really going on in politics? Get our daily email briefing straight to your inbox Sign up Thank you for subscribing We have more newsletters Show me See our privacy notice Invalid Email

The Queen should apologise if her private estate invested £10 million of her personal fortune offshore to avoid paying tax in Britain, Jeremy Corbyn has suggested.

The Labour leader said those involved in the "shocking" Paradise Papers leak of secret documents should apologise if they have invested offshore to avoid tax and also "recognise what it does to our society".

The disclosure of 13.4 million documents reportedly ties major companies and political figures to secretive overseas arrangements.

It includes claims that the Queen has £10 million of her personal fortune invested in an offshore tax haven.

There is no suggestion that those involved acted illegally.

Asked if the Queen should apologise for the offshore investments revealed in the papers, Mr Corbyn told the CBI's annual conference in London: "Well anyone that is putting money into tax havens in order to avoid taxation in Britain, and obviously investigations have to take place, should do two things - not just apologise for it but also recognise what it does to our society.

(Image: UK Press via Getty Images)

"Because if the very wealthy person wants to avoid taxation in Britain and therefore put money into a tax haven somewhere, who loses? Schools, hospitals, housing, all those public services lose and the rest of the population have to pay to cover up the deficit created by that.

"And so I think with the Paradise Papers, which I have been reading through like all of us this morning, are quite shocking."

In his speech to business leaders Mr Corbyn, who has a called for greater tax transparency, said: "We simply have to challenge the culture that's there's something clever about avoiding taxation."

He warned that businesses that " play by the rules and pay the taxes they owe are being undercut by those who don’t".

(Image: REUTERS)

Labour is calling for a public inquiry into tax avoidance but Theresa May shied away from backing such a probe when asked this morning.

A spokesman for Jeremy Corbyn said: "Jeremy did not call for the Queen to apologise but said anyone who puts money in a tax haven to avoid paying tax should, and that they should recognise the damage done by avoidance to society.

"Labour is calling for a public inquiry into tax avoidance."