EU-FLAGTHE EU’s largest economies agreed on Thursday to share information on secret owners of trusts and businesses.

The data exchange between Spain, UK, Italy, Germany and France is a response to public concern over the Panama Papers revelations.

It is designed to make it more difficult for businesses and wealthy individuals to operate without paying the correct amount of tax.

Going forward, information on the ultimate ‘beneficial owners’ of companies or trusts will now be automatically exchanged.

They will also create new registers of financial trusts.

The tax crackdown has been welcomed by the International Monetary Fund, whose chief Christine Lagarde said it added to the momentum building against those who sought to hide income and assets.