David Cameron under Immense Pressure to Resign After Panama Leaks

David Cameron in Latvia. by: Valsts kanceleja. CC BY-SA 2.0

Since its release to the World Media earlier this month, Panama Leaks have taken the World Politics by storm. Although the legal implications are still under the rug, the aftershocks have started to jolt the World Politics.

Panama Papers got its first major scalp last week after the decision of the Iceland Prime Minister to step down. Although the Icelander Prime Minister proclaimed the investment of foreign owners, his own money was stagnated in the offshore accounts.

Thus, when the Public of the European National came to this realization, they organized peaceful protests throughout the country to force the Prime Minister to step down.

After his decision to resign, pressure has been mounting on the UK President to do the same.  Unlike the Iceland Prime Minister whose name was directly mentioned in the Leaks, Cameron got into this mess thanks to his late father.

Blairmore Holdings – the offshore fund of Cameron’s father, was mentioned explicitly in the Panama Leaks. Since the release, Downing Street, and the Prime Minister have issued four different statements on the financial matters.

Looking at the different responses that were offered by Cameron and the word “snappy” comes to mind. In his Initial response to the World, a spokeswoman for the Prime Minister quipped as “that matter is personal”. Since then, the Prime Minister has gone on to accept his investment in the offshore funds.

“I paid income tax on the dividends, but there was a profit on it but it was less than the capital gains tax allowance, so I didn’t pay capital gains tax, but it was subject to all the UK taxes in all the normal ways,” explained Cameron.

In addition to a petition of 125,000 signatories asking Cameron to step down, British Social Media users have taken it to the Internet in their bid to force the Prime Minister to Resign.

Thus, with pressure mounting from both the public and his fellow politicians, it seems only a matter of time for the Prime Minister to make a decision regarding his future.