As far as tax avoidance stories go, it doesn’t get much bigger than this. The Queen, offshore funds, High Street brands – perhaps it is no surprise the latest offshore scandal has been so well publicised. But it is not Her Majesty who should be worried about the ramifications of this data leak, it is the private equity industry.

The Queen’s private estate was found to have investments in an offshore private equity fund, which understandably raised eyebrows given she is known for promoting ethical behaviour. It appears to be a similar situation to when the Archbishop of Canterbury, Justin Welby, was caught out a few years ago after criticising Wonga only to find that the Church of England indirectly invested in the payday lender.