The news that David Cameron’s father ran an offshore fund which avoided paying UK tax is not new – four years ago the Guardian published an almost identical story revealing the existence of the “entirely legal network of offshore investment funds set up in tax havens such as Panama City”. The old Guardian story noted that since Ian Cameron passed away “it is unclear which family member owns them” because offshore investments are not included in the family will. Then, as today, Downing Street would not comment as it was a “private matter for the family”.

The ‘new’ information in the Panama Papers is just finer detail on the old story, though Cameron’s spokesman still refuses to comment on whether the PM has money invested in the fund, because they have “responded to these allegations in the past”. That isn’t true, last time they refused to give an answer. It is unlikely that Dave is a beneficiary – that would have been a risk tantamount to political suicide and we know he has since not exactly been rolling in it, the Camerons have largely been supported by Samantha’s father’s money in recent years. In the unlikely event it does emerge that the PM is the direct beneficiary of offshore money he would find himself in a situation similar to the Icelandic premier – he would have to go. It’s no good pretending he addressed this in the past, Cameron has the chance to clear this up once and for all…