G7 tax accord would weigh on Ireland's credit rating as UK seeks exemption   

British expected to press for the City of London to be exempt from the plan to pay more tax to the countries they operate in

British Chancellor of the Exchequer Rishi Sunak.

The fallout of the weekend G7 agreement to push for a new global tax regime would likely weigh on the sovereign credit ratings for Ireland, as well as the Netherlands, because they host a large number of foreign multinationals, ratings firm Moody's has said.

The assessment sees the deal that proposes to overhaul ways of taxing multinationals as "mildly credit negative" for both states, if implemented, is further evidence that Ireland has potentially much to lose if the plans of the G7 — the US, Japan, Germany, France, the UK, Italy, and Canada — build wider support.