Britain's Chancellor of the Exchequer Rishi Sunak speaks at a meeting of finance ministers from across the G7 nations ahead of the G7 leaders

Reaction to the G7 minimum tax agreement

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2021-06-05 17:30:05

Britain's Chancellor of the Exchequer Rishi Sunak speaks at a meeting of finance ministers from across the G7 nations ahead of the G7 leaders' summit, at Lancaster House in London, Britain June 4, 2021. Stefan Rousseau/PA Wire/Pool via REUTERS

The Group of Seven rich nations struck a landmark deal on Saturday to close cross-border tax loopholes used by some of the world's biggest companies.

"After years of discussion, G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age."

Asked for an estimate of how much the agreement could raise for Britain, Sunak replied: "This is the first step, this is agreement reached at the G7, we still have to go to the G20 and reach agreement with a broader group of countries so it's hard to say where the final deal will land."

"This negotiation has been going on for, I believe, eight years. It stalled under the Trump administration. And so I really consider this a historic achievement, and it shows that multilateral collaboration can be successful."