Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential benefits to the UK of introducing an international minimum corporation tax rate of 15 per cent.

Reaching a two-pillar solution on global tax reform which reallocates taxing rights and introduces a global minimum tax has been a long-standing priority for the UK.

The Government is delighted that the G7 agreement secured on this in June has formed the basis for an historic agreement among over 130 members of the OECD Inclusive Framework. The Government looks forward to continuing discussions with its global partners in the coming months with a view to finalising the details by October.

Securing and implementing a final agreement on this will help stabilise the international tax framework and ensure multinational businesses pay their fair share, with the right companies paying the right amount of tax in the right place.

If final agreement is reached and both pillars are implemented in the UK, they would be subject to standard tax policymaking process, with their impacts formally assessed through the OBR forecast process.