Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the (a) rate of progress of the Base Erosion and Profit Shifting Project and (b) potential effect that project will have on (i) the UK banking sector and (ii) UK tax receipts.

The UK has been at the forefront of the OECD’s Base Erosion and Profit Shifting to address the gaps and mismatches in the global tax system, used to artificially shift profits to low or no tax locations where there is little or no economic activity. This initiative has provided governments with recommendations for domestic and international instruments to address tax avoidance and to help ensure that companies pay their fair share.

This government has already implemented many of the OECD’s recommendations. The independent Office for Budget Responsibility has certified that these measures are set to raise over £5 billion by the end of 2020-21, from businesses across industries and sectors.