Rachel Reeves MP, Labour’s Shadow Chancellor of the Exchequer, responding to the G7’s deal on taxing multi-national companies, said:

“It’s encouraging to see these first moves towards a global pact on tax avoidance.

“But this government has spent the last few weeks actively watering down what was initially intended to be an ambitious 21% rate of global minimum corporate tax.

“That would have brought £131 million extra a week to Britain for our NHS and other public services, while also stopping our high streets being aggressively undercut.

“This government must now show leadership, push for a 21% rate in negotiations, and use the money to fund our schools and our NHS.”