The G7 agreement on new principles for taxing multinationals is not the ‘breakthrough’ that many are claiming. It probably won’t make a lot of difference to the tax most companies pay either. Mind you, given the collateral damage that could be done, I don’t think that’s necessarily a bad thing! To recap, G7 finance ministers … Continue reading G7 tax deal fails to live up to the hype
MPs will hopefully soon have the chance to vote on whether the UK should restore spending on foreign aid to the mandated level of 0.7% of GNI (gross national income). This is surely the right thing to do. First, the arguments in favour of cutting the target to 0.5% are weak. The Government’s case is … Continue reading Why I’d vote against the cuts to UK aid
Brexit is not yet done and there are plenty of problems that still need fixing, especially in Northern Ireland and in the service sectors. Nonetheless, public perceptions of Brexit have improved significantly, business concerns are fading, and now we have hard evidence of a quick rebound in UK goods exports to the EU too. According … Continue reading Brexit tide is finally turning
In 2010, Liam Byrne left a note to his successor as Chief Secretary to the Treasury which famously read “I’m afraid there is no money”. After all, annual borrowing had just peaked at a record £158 billion, and the stock of debt was about to top £1,000 billion for the first time. Roll forward a little over a … Continue reading Is there any money left?