The Labour Party are urging Chancellor Rishi Sunak to sign-up to President Biden’s plan to impose a global tax regime which will see the worlds largest economics implement a 21 per cent minimum tax on global business.

IEA Director General Mark Littlewood said the new tax regime would be “little different” than an illegal cartel. Mark argued in City AM that: “Competition encourages efficiency, innovation and the learning of best practice. That’s as true of competition in tax policy as it is in any market providing products and services. Attempts by a political elite to end or temper such competition should be viewed with considerable scepticism or even alarm“.

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