Labour Calls on U.K. Government to Back U.S. Corporate Tax Plan

The U.K.’s opposition Labour Party has called on the government to back U.S. proposals for a global minimum tax on corporate profits.

In a letter to the Chancellor of the Exchequer Rishi Sunak and Foreign Secretary Dominic Raab, their Labour counterparts Rachel Reeves and Lisa Nandy said the U.K. could not be the odd one out on the issue, which they called a “once in a generation opportunity.”

U.S. proposals for a global minimum corporate tax of at least 15% have met with an enthusiastic reception in the rest of Europe, although Labour said the U.K. has remained lukewarm on the issue.

It’s particularly important the U.K. backs the plans given it is hosting the Group of Seven summit this year, the Labour lawmakers wrote.

(BLOOMBERG)