Chi Onwurah
Main Page: Chi Onwurah (Labour - Newcastle upon Tyne Central and West)Department Debates - View all Chi Onwurah's debates with the Cabinet Office
(3 years, 5 months ago)
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The Prime Minister
My hon. Friend is completely right. This was a good waymark and we made some good steps forward on the road to COP26. There is still a long way to go, but there is a great deal of enthusiasm from other countries because they can see that it creates high-wage, high-skill jobs as well as solving climate change.
Chi Onwurah (Newcastle upon Tyne Central) (Lab)
The G7 did agree action on tax-dodging corporations, but it was watered down after the Prime Minister refused to back President Biden’s original proposal for a 21% minimum global corporation tax rate, which would have delivered £15 billion a year to Britain—enough to fund a proper covid catch-up in education and support for covid-excluded businesses that are now facing extended restrictions. Why did the Prime Minister put global corporation shareholders above British children and British businesses?
The Prime Minister
That is a great one from the Labour party, because they actually opposed the increase in corporation tax at the Budget. They should try to remember what they have been doing over the last few months. It was a great achievement, after a long time, to get the western world—the G7—to agree to find a way of taxing the multinational giants that make profits in one country and then hook them somewhere else. That was a fantastic thing, and we now have a minimum global corporation tax of 15%—I forgot to mention it in my opening remarks—which was another great step forward at the G7 summit.