Corbyn’s Labour sets sights on multinationals’ tax bills

Britain’s opposition Labour party said yesterday if it wins the country’s next general election it would force large corporations such as Starbucks, Vodafone, Amazon and Google to pay their “fair share” of taxes to help end austerity policies.

In a speech aimed at silencing critics who say Labour has moved too far left under its new leadership, finance spokesman John McDonnell largely struck a more moderate stance than previously on central bank independence and taxing financial transactions.

But he said the party, led by veteran lawmaker Jeremy Corbyn, would be “aggressive” in balancing the books, ensuring spending cuts do not hit middle or low earners while attacking the “corporate welfare system” of tax incentives for companies.

“Labour’s plan to balance the books will be aggressive,” he told his party’s four-day annual conference in Brighton.

“We will force people like Starbucks, Vodafone, Amazon and Google and all the others to pay their fair share of taxes,” said McDonnell, a hard-left former trade unionist who has in the past advocated re-nationalising banks and imposing wealth taxes.

For a man who lists the overthrow of capitalism among his interests in the Who’s Who directory of influential people, McDonnell tried to ease concerns over his party’s policy on the central bank and taxes.

Reuters