Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he had with his European counterparts on the use of tax havens by European banks.

It has been a longstanding UK priority to achieve a two-pillar solution to the challenges that digitisation creates for the international tax rules.

This includes the introduction of rules that will require large multinational groups, including those in the banking and wider financial services sector, to pay a minimum level of tax on the profit they realise in each jurisdiction in which they operate.

The Government is delighted that the G20 and over 130 members of the OECD Inclusive Framework have come together to endorse this solution and the UK will continue discussions with its global partners over the coming months as it looks towards finalising the plan for implementation.