Sunak holds cards in Biden’s tax plan talks

In the build-up to the budget three months ago, Labour formed an abortive plan to vote against Rishi Sunak’s increase in corporation tax from 19 per cent to 25 per cent, arguing that a pandemic was “not the time for tax rises”. However, opposing higher taxes on big business provoked a bout of soul-searching on the opposition benches and, ultimately, Labour decided to back the rise. On Monday evening, though, the tables were turned.

Labour laid an amendment to the Finance Bill that called on the government to back President Joe Biden’s plan for a global minimum corporation tax rate of at least 15 per cent, and to publish how much the UK would collect from the proposal. The Tories voted it down. The old