Campaigners have called on the Queen to be honest with the public over her financial affairs. Republic has said tonight that the royals’ lack of transparency creates a real risk of conflict of interest and abuse of power.

The comments come after revelations that the Queen is investing off shore and in companies that have been widely criticised for their working practices.

Graham Smith, Republic’s CEO, said this evening:

"The Queen is responsible for her investments, she should have instructed her advisers to ensure her money was invested ethically, and that there was no tax dodging involved."

"The Queen’s personal wealth and investments mean she has a direct interest in government decisions about tax. Yet we have no way of knowing if undue influence has been used by the royal household to protect these investments."

"The Queen now needs to come clean, to set the highest standards of transparency and probity in her financial affairs."

"We need to know where the Queen is making her money and what taxes she is paying. We also need to know if there has been any lobbying of the government regarding tax haven reform."