The Trade Union Organisation (TUC) have labelled the Lough Erne tax declaration "so weak it is bordering on irrelevance," and "yet another missed opportunity." Frances O'Grady, general secretary of the TUC said:
For all the prime minister’s welcome pre-summit rhetoric, the G8 declaration fails to deliver what’s needed to tackle tax avoidance, and even falls short of the expectations he’s set.
While some progress has been made on automatic information exchange, the agreement on reporting profits to tax authorities is so weak it is bordering on irrelevance.
Despite the high profile pre-summit lobbying, the British crown dependencies appear to have outmanoeuvred the G8 nations and got tax havens out of the agreement altogether.
We fear the declaration’s warm platitudes and hazy rhetoric will be far too easy for global companies to skirt around. Yet another opportunity has been missed to finally get to grips with global tax avoidance and evasion.