Businesses warn PM on tax plans

Leading business figures have warned that David Cameron's push for international action on aggressive tax avoidance could undermine the economic recovery.

Latest ITV News reports

Leading business figures warn PM over tax evasion plans

Leading business figures have warned that David Cameron's plans to make companies release their tax affairs could undermine the economic recovery, according to the Daily Telegraph.

David Cameron
David Cameron criticised corporate tax avoidance in a speech in Davos yesterday. Credit: Peter Macdiarmid/PA Wire

The Prime Minister yesterday launched an attack on corporate tax avoidance, saying it was time for businesses to "wake up and smell the coffee" - an apparent swipe at Starbucks.

A Conservative MP wrote to all of the FTSE 100 chief executives and 52 replied.

Out of those who replied, 32 of them warned the Government against publishing details of their tax affairs.

Advertisement

Cameron: 'We need greater transparency over tax'

Labour MP Dennis Skinner said in the House of Commons yesterday that it was "gruesome" for the Prime Minister to be "heading out of austerity-riddled Britain to wine and dine at Davos with 50 top bankers who helped to create the economic crash, several hundred tax avoiding millionaires".

Responding in the Commons, David Cameron said:

To be fair, I think when you see the speech I'm going to be making in Davos, in which I will be arguing we need greater transparency over tax, we need greater responsibility over the tax avoidance and tax evasion issues, we need greater transparency about companies and the land issue.

You may even find there are some things I'm going to say you might agree with.

– David Cameron

Cameron to call for tax evasion crackdown

David Cameron will call for greater international cooperation on tax evasion in a speech to the World Economic Forum at Davos.

David Cameron
David Cameron will make a speech on tax evasion at Davos today. Credit: Alastair Grant/PA Wire

The Prime Minister will urge leaders to work together and tackle tax evasion by multi-national companies and the super-rich.

Mr Cameron will make the issue a key focus during Britain's presidency of the G8 leading economic powers.

A Downing Street spokesman said he would not be talking about Europe in the wake of his landmark promise of a referendum.