The Treasury has hailed the new G7 agreement for a minimum level of corporate tax announced on Saturday as ‘seismic’, yet it’s not as earth-shattering as it would perhaps like to suggest.
I’m always a bit suspicious when normally staid bodies resort to extravagant language. Normally the explanation is quite prosaic, like the inexperience of the weekend duty press officer. But sometimes extravagant language is used as a smokescreen to exaggerate the importance of deals that sound important but have few meaningful consequences.
It’s the second explanation that holds true on this occasion. And mainstream retailers looking for a more level playing field against the tech giants in a week that started with the YouGov/Cebr consumer confidence level sky-high post-lockdown should not pin their hopes on this.
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