British MPs call for Cayman closure

(CNS Business): A group of UK members of parliament has proposed an Early Day Motion in the House of Commons in an effort to close down tax havens, including the Cayman Islands. Led by the Labour member for Leyton and Wanstead and former Treasury Select Committee member, John Cryer, the motion calls on the UK government to introduce urgent legislation to help close tax havens and increase transparency “so that the very richest pay their fair share of tax”. In the wake of revelations about US presidential hopeful Mitt Romney's finances, Cryer and his Commons colleagues say they are alarmed by his use of the Cayman Islands, a UK territory, to avoid paying tax. Read more on CNS Business