David Cameron secures agreement over tax evasion clampdown

David Cameron today secured agreement from Britain's network of overseas territories and Crown dependencies to sign up to a new clampdown on tax evasion.

At talks at Downing Street ahead of next week's G8 summit at Lough Erne, the leaders all agreed to a series of actions aimed at promoting transparency and exchange of information between tax jurisdictions.

The Prime Minister hailed the agreement as a "very positive step forward" which would strengthen his hand in talks with the other G8 leaders in which he has made improving international tax compliance a key issue.

The Prime Minister said they had had a "very good" meeting.

"Let's be clear why this tax issue matters. If companies don't pay their taxes or individuals don't pay their taxes we all suffer as a result," he said.

"It is important we are getting our house in order. What the Crown dependencies - places like Jersey and the Isle of Man, and the overseas territories - places like the Cayman Islands - have signed up to is basically the existing and the new standards for exchanging tax information. That is absolutely vital.

"It is a very positive step forward and it means that Britain's voice in the G8 and the campaigning on this issue around the world for proper taxes, proper companies and proper laws ... will be stronger."