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“US proposal to focus on the world’s 100 biggest and most profitable firms as part of a global tax deal could work but big tech firms must pay more tax in countries where they operate,” said British finance minister Rishi Sunak on late Wednesday, per Reuters.

UK Finance Minister Sunak also added that the Group of Seven was making “really good progress” on the long-disputed reform before finance ministers from the group of rich economies fly to London for talks on Friday and Saturday.

The news piece also mentioned, “Sunak, speaking before the tariff announcement in Washington, said the 500 million pounds that Britain expects to raise this year with its digital services tax ‘gives you a sense of what’s appropriate’ for the outcome of a global deal.”

Additional comments”¦

It’s certainly something we can work with as long as it meets our objectives of getting at the right companies and on the face of it, it can.

I can’t get into the detail but my broad point is that the approach that they’ve set out in principle is something that we can work with.

Market implications”¦

The news should ideally improve the market sentiment but the pre-NFP caution portrays sluggish moves of late, resulting into a lack of reaction to the update.