Following announcements by G-7 countries about standardizing a minimum tax for trans-national corporations and cracking down on tax evasion and tax havens, the UK has decided to go to the mat for its finance industry, AKA the “City of London”, whose core competency is tax evasion and money laundering:

U.K. Chancellor of the Exchequer Rishi Sunak is pressing for the City of London to be exempt from a plan by global leaders to make multinationals pay more tax to the countries where they operate.

Finance ministers from the Group of Seven advanced economies struck a historic deal last weekend that could force the world’s biggest companies to pay a minimum corporate tax rate of 15%.

Sunak is expected to make the case that financial services, including global banks with head offices in London, should be exempt from the plan when talks move to the G-20 next month.

………

A European Union official pushed back against the idea of an exemption. The EU expects all companies to pay their fair share of taxation, the official said at a briefing for journalists on Wednesday.

If they get an exemption, the City of London will spend its time turning client companies, and their subsidiaries into finance institutions so that hey can continue to evade taxes.

The UK would be hurt by this as much as any other nation, but they are the poodles of their finance industry, they have been since at least Margaret Thatcher.