Trump threatens retaliation against UK over tax on tech giants
President Trump has warned Britain and other major economies that they face reprisals over taxes that hit American tech giants and other multinational companies.
The UK, along with the US, signed an international commitment to a global minimum corporate tax rate of 15 per cent.
Under the arrangement, companies that operate abroad and pay lower rates have to pay “top-ups” to HMRC on UK profits until they reach the 15 per cent threshold.
The Office for Budget Responsibility has said the measures are expected to generate £2.8 billion a year by the end of this parliament.
Trump cast doubt on the future of the pact when he withdrew US support, potentially leaving a significant hole in Britain’s public finances.
He also warned that countries which
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