Cameron’s taxes and the Panama Papers have led the BBC News bulletins for the past week, yet licence fee payers remain unenlightened about Auntie’s own offshore financial arrangements. What better place to start than the 2013 BBC Pensions report, which lists investments held by the Beeb’s £9 billion employee benefit scheme. Scroll down to page 16 and it is disclosed that the BBC used investment managers Nephila Capital Ltd to invest £84 million:

Nephila Capital is a wholly owned subsidiary of Nephila Holdings Limited and is a Bermuda domiciled company. As the BBC lines up pundits to jump on the outrage bus about Dave’s £30,000 in a Panamanian unit trust, they stashed £84 million with investors based in Bermuda. There is lots more of this…