Faisal Islam: The leader of the opposition has called for an investigation into your tax affairs for your own interests. Can you clarify for the record that you and your family have not derived any benefit in the past and will not in the future from the offshore Blairmore Holdings fund mentioned in the Panama Papers?

David Cameron: Sure. Look, the investigation we need, first of all, is for HMRC, our tax authority, to use all the information that is coming out of Panama to make sure that everything is done, to make sure that companies and individuals are paying their taxes properly.

In many ways what is coming out of Panama is what we are introducing in our own country, which is a register of beneficial ownership, so everyone can see who owns what company.

I own no shares. I have a salary as Prime Minister and I have some savings which I get some interest from and I have a house which we used to live in which we now let out while living in Downing Street. And that’s all I have. I have no shares, no offshore trusts, no offshore funds, nothing like that.”

As Guido pointed out this morning, it was always highly unlikely that he would benefit directly.

UPDATE: At this afternoon’s Lobby briefing No 10’s line is definitive: “To be clear, the Prime Minister, his wife and their children do not benefit from any offshore funds.”