country club of the g 7 this weekend in the unlikely and idyllic setting of carpet spain cord. both the g 7 leaders will ratify an agreement for minimum corporate tax rates, fin packed on transnational companies. it says welcome big through again to tit giant tax avoidance positioning or the car up since sure they're rich get richer, or perhaps it's a bit of an advantage to the summit. we talked to, to political economists who know the answers for the member of parliament fees, louis and george, kevin, and the u. k. taxation specialist professor richard murphy. the key interview coming up student, but 1st tweets emails and messages and response i show last week featuring to shannon n p, and lord wiggly john fisher says, good discussion. i'm of a minds to welcome any plan in it for a celtic blog among nations leaving the suki. it's not the same and it's not supposed to be more woman says, i've called that the best united kingdom for a very long time. fisma best says, give island back to the irish,

let the do you p argue their case and the united islands. while harvey says, we need an english independence party. and finally, billy hollan says the authorization of my nation ends with independence, tick tock, the empires on a cook. now, no, since the heat of hit tv see these rolls poll dog was busy with some excitement across its rugged coastline house taxation and cornwall gone so well together. because despite the queen that the jewel of cornwall, saint ives was chosen as this weekend to 7 location because exemplifies clean and green issues, it says the marquee will of the filthy lucre which has dominated the stomach. a minimum corporate tax of 15 percent with a not towards the long campaigns for online transaction sags had been proposed and agreed by the finance minister. however, is this a giant step forward just cleared by chancellor issue, see what an elementary step over for the corporate giants. i suggested by ox,

them in short, will the accommodation between big tick and big governance make the weak stronger, or just the strong richer, to disgust over to alex george, kevin, and professor richard murphy. professor richard murphy. the tragedy says the chancellor ritchie's tonight because i leave the finance ministers to take money off the the big corporate and presumably give it to the the what else per, what's not to like about that? well, let's be clear. we've had an extraordinary and historical agreement announced, it's only announced this is not signed up, this is not finalized. there's no way to get and they're all good dimensions to this. i like the fact that there's a minimum tax rate agreed. what i'm already hearing that people are agreeing, the 15 percent should now be the well minimum tax rate. no, it is the floor village below which you don't go. this is aimed at the law,

the world's largest corporations. they have been seeing their tax rate cuts the years and have been exploiting the world's tax havens to make sure they pay even less than they were being asked to do. so that's good stuff in here, but there's bad stuff in here to festival that 50 percent minimum tax rate is far too low. the average detached rate is 25 percent. so why did they agree something so far below the average cd tax rate below the u. k tax rate. and this deal with regard to the reallocation of profits to developing countries is tiny. i've looked at the accounts of bartlett's, just as an example. they make a 40 percent tax rate. that's a profit margin only know point 8 percent of their profits will be reallocated towards the countries where their customers are and the amount of tax that might be involved is less than $30000000.00. let's not get too excited about the fact that this is going to solve the world's problems. that part of it once the minimum tax

rate could that only if it was more than 50 percent. so a deal, a breakthrough deal. but one which has yet to meet expectations, the g 20 should improve this enormously on the way my suggestion. well, just kind of qualified welcome from richard murphy. does this, you estimation? are you even more skeptical? i'm afraid to admit to be a bit more skeptical. i think we're having the woo, poor eyes by biting his cronies. job be always cd for big the big western industrial nation the same time because we trying to broker texting for years and has managed to get green. so i think what we're seeing with the 7 smaller group of nations is by trying to run support. so we can go next month to venice. we're all between 20 and 21 over on the chinese and the brazilians and the indians . and we will see whether that will work. and actually if you look at the school

prince of g 7 agreement, lots of loop polls, lots of things still to be decided above all who gets taxed. how does the debate about which companies and supposedly be companies, but war counts as big? what they're talking about is companies earn a profit rate of over 10 percent. does that include amazon, new amazon comes in about $67.00 to say? because the way the difficult fit of because the books. so i think a lot which coolness, it's a game, it's a dance between the big export nation, still get crew murphy, who is the tech station specialist perspective department just kind of makes about amazon and the level of profit. is that why ox 5 must say this is going to be an easy step for the many of the big multinationals? it is for amazon. i know we have to put it in a box by itself,

which regards to this, all the other tech companies, the facebook's, the google's, the microsoft and so on are all going to be caught by this. they all making more than 10 percent profit rates. amazon is fundamentally a retailer with regard to a great deal of its active duty and has one other division which supplies web services to other companies which is highly profitable, overall, making 6 or 7 percent. it would be very difficult to find the deal that the not bring in most of the world's companies into this arrangement without, if you wanted to keep amazon in. i mean, literally you have to extend it to virtually everyone quite clearly that was not going to win support in the g 7, and i doubt it was going to win support in the g 20. so there's a compromise being made. amazon will fall out of this deal. it does not make much money compared to the other company to proportions turnover. so each is going to get away with this. but it is not a pure tech company, not the rest. what is surprising about this deal is how many companies have been

drawn into it. so for example, richie seen that because now realize that he signed to deal with brings very large parts of the city of london inside this arrangement, which i don't think he understood law affected and he's now trying to backtrack or, i mean, how far can this government turn, do you turn on the deal? it's already agreed this rate. it's a few days there. literally already saying can we have a car outside the u. k. out of this deal? having any agreed it last weekend. so the, all i'm, i would have been totally agree with george. some really big issues here. i just don't think amazon is the stumbling block that should stop as doing the best we can . can i also agree with georgia something. there's a lot of negotiation to go here. now i know that negotiation process i have spent far too many hours in the basement with the cd in paris, where the negotiating table literally are. they are on the ground and shatteau in the outskirts of paris. and i was heavily involved in the last from 2013 to 2015

and literally in the room. and there will be those rooms again, who knows, i might end up back. but the point is that actually the devil is in the details, and in this case the devil is going to be around the accounting. what is the profit margin? what is turn over? large companies, high tax figures in 3 statements in their accounts, not just one. the most people seem to think it's in the income statement, but it isn't. all of these technical things need to be taken into account. very few people have actually discussed matters yet. i put up a whole series of questions which a lot of journalists that looked half of my blog saying that there really is a nightmare in terms of the gas station to go here. and there will be a lot of game playing to count these companies a great play. there's one group you can guarantee you who are going to be opposing this. and that's the big for firms of accountants. because this deal is bad news for the tax havens. who charge 0 percent tax, which had been used very heavily by the tech companies,

which are serviced by those big 4 firms of accountants. they are going to find their business is threatened by this, which is what the intention is after that really is the a me and said they're going to fight hard. well, they fought hard in 2013 to 15 against something cool country by country reporting, which i created, which is now the law, which is the basis of a lot of this deal. and they're going to fight hard this time too. so we are nowhere near a final deal yet, but i think we could get a deliverable deal and more optimistic than george. not that 50 percent tax rate is way too well. just kind of a wrench a month. it says a lot of bells ringing and the big for the characteristic companies that supplement big corporate have been quite favorable responses to the spirit of deal. when that clag was the 1st of all a statement. does that said unit allow, bells? reg? well, nicholas was, was, was hired to be, to be fragments to way the rough edge. and so does not take too much attention to

the big high tech company being used for harm is the big american ones. like google, they are microsoft, they are, they make a fortune and they take that money and so they got so much cash up over last that you simply cannot give it back to their shareholders. but i buy the shares because they're not too much even bother investing because they're on the outlets. and so they're going to buy a little a little you know, public relations with i'm intrigued by the fact that richard was saying about what happens to the big bank, the investment banks, the hedge funds, who operate international, how they going to be taxed. and most of the discourse has been about about the export company. but you know, you're around this new microsoft i,

i could see the deal. anything else? now the, not the big financial companies escape the tax issue. i think back will be the major full green in the debates will the next year when the americans always be going to kay about, keep the financial sector of any international agreements. so we can see we can see, see that that coming, that would be by both by but again just look at the small print, richer was saying where does this new tax fall result? 50 percent. everything is good. companies to be taxed. are those early a profit rate of 10 percent and above and they get to keep 10 percent. it's a, it's a tax comes on every, both the 10 percent and even only on the 5th wrapped. so you want to know how much extra tax is going to be what we see the estimates i've seen, which is $50.00 to $80000000000.00 global war comp. that's $5080000000000.00. googly is frankly,

in terms of the economy peanuts. so don't expect lot of money is going to end up in the national real search right. rented there. and what progress on should we read? the fine print? read the fine print, but we could make progress if we negotiate. well, join us after the break when alex continuous, this conversation was george kevin, and richard murphy was see then me when i would show the wrong when i was just don't the room. yes. to fill out the scene. because the after an engagement equals the trail, when so many find themselves with the parts we choose to look for common ground in as

a korea professionals bought is much tougher on some than others year old myer by everybody. so why would somebody believe me? i was just a little girl. the price paid to, to, to achieve really was, was to read in the paper this morning, usa swimming coach, arrested, allegedly had sex with a 12 year old girl. this happens almost every week. we get calls at the office. i get informed about one of my greatest fears is someone's going to start linking all this together. there's going to be a 60 minute documentary about youth coaches in sports like gymnastics swimming. is that documentary? i see it on our tea. welcome back. alex is in conversation with george, kevin, i'm professor richard murphy. that professor much much,

what do you make of the lisa box by us treasury said to john yellen, who seems to be advocating a caden's in expansionist course for the world economy and telling the g 7 to lead the way. i believe that is what she thinks, i think janet yellen is leaving us in the keynesian expansion. it's very clear that biden is breaking all the rules. he does not think that that needs to be repaid in the usa, and he and she are communicating to the world open york office spend when you can, you have what is called preschool head room. that means there is literally the capacity in very many countries, germany in particular, you case still has plenty of physical capacity to spend more, get people to work, prevent time employment, get the economy investing in the things we need, like to bring you deal. yeah, i think they really want to do that. that's. that's, that's kind of the should be music to your radical years. i've been sleepy. joe

biden was not so sleepy after all. yeah, that's absolutely absolutely true. i mean, we are, we are on the cusp of, of a major economy change since 2070 the, the banking crisis won't enter the deflationary period, used to be called inflation disappear. but essentially means that it is difficult for me to make coffee because sort of made the best coffee when you get, when you get in place and they keep bumping the price. ah, plus their whole, you political challenges and clearly america facing them, china. so the american stake wants to spend more money as a little with some, some head for their i'm a little bit cautious in the sense that coby has disrupted lots of supply change change it might take, you know, was a year, maybe 5 years, maybe the decade to get things sorted out so that there are pockets of shortages

which according inflation here and there. but by a lot, i think by many back to decide if they have to spend china and america back on top . and that's what's happening is politics. you just taken on wrench about is that the half of the behind the economics is this, the american administration say look, the wretched man's club, the g 7, the western economies is tightened to lead the way. and since there's nobody attractive leading the, the world into private recession, better lead the world into a sustain recovery. is that what's behind us? while i pick up, one of the words you use, which was sustained and the, i think it might be a sustainable recovery. i mean, 1st of all, to have biden, the man that we didn't expect to be a radical being so radical and maybe us because he expects to only be a single term precedent. so he's just going to throw everything against the wall in

this 1st term. and he's going to make the changes he wants straight away. i believe that is about china is a factor this, but not the only one. i mean, they are really trying to beat the republicans, and the republicans have a very hard core supports we can see which is still around from. and so they've got to convince middle and working class america, that is a future for them because they have lost out very badly in recent decades. that is a crisis, a middle class incomes. now this policy invest, spend, do sustainability, rebuild the infrastructure of america is a domestic policy, as well as an international policy. but i think he's also hearing his radical democrats standing on the sidelines side to renew deal green new deal to jo. deliver us what we want. i add all those together. you come out with this well mix which is a pure keynesian inflationary policy in the sense of inflating the economy all,

i don't think it will deliver long term inflation by the way. i agree with george that i think that there is a short term long term one wages are not going to rise that radically. so he's put together a very clever package it. so just kind of them, how much intellectual thinking in terms of it economics is behind. so i mean, this is a response to the world crisis. the one of the panoramic caribbean future without radical action on is the 2nd combination of new militarism new kinsey. and actually it's of intellectual base for thing. a lot of people have been 55 to what a fiscal deficit for 5 too long. i think. i think it is pretty much it crawls and sir essex, but i think adorning realization might states. and here in the u. k, that government can print money, least in the short term leases as a crisis demand. i get away with it. so what we're seeing,

what we're thinking about seeing here, is that we're kind of restrictive fiscal policies that dominated conservative thinking. bossy will of 1020 years. i'm just going to the window. they said the printing press me trying to get dollars times and the roof hasn't pulled in. and i think the culture of injury as well. ok let's. let's make a while we can. we can spend somebody in by ourselves some support and so some of our problems know where all these aids up, i think could be with a headache. i don't think you can want to come to simplify printing money. but i think for the, for the mix, the late cycle were clearly going to see this dominate. i think as usual the, the economists will try and pick up pieces. but my faith, both yourself and johns, kevin usa, observed commentator jobs as a practitioner, of course, as

a family member of parliament have been involved in the scottish constitutional debate that that's what we're talking about. how that dramatic effect on one debate, which is whether scotland should have a central bank and have one as quickly as possible. once it's independent, we might be well to get money picking economic opportunities. does that have a direct impact on that debate? yes, it does. it does because the scotland is independent. it's too well once a part of this investment program, it's who will want to deliver agree and new deal. and to do that, it has to have the ability to print money. now i'd rather use were create them print, it says all of this stuff is electronic, of course, and it's done through quantitative easing. scotland also needs control over its tax system, which isn't possible without control over the central bank of money. i think the 3 fundamental un intimately linked to control the impacts of that money creation, particularly the impact on the quality, which is the one that worries me most about this. because

a lot of the money that is creative ends up in the hands of the richest in society . now scotland f one needs to have an integrated macroeconomic policy to handle this and to deliver the growth of people in scotland. we'll expect after independence. that's why they wanted dependence. so the single hang together in the scottish, the scenario which demands that, that really will have to be very short transition from sterling to a scottish pound or whatever it is go, does kind of and you got us overwhelming us to, to scream some. your former detractors look at what's happening and what old economics and apply to the scottish situation. absolute and deep. if we had been independent from the rest, random in 2014, and we kept pound sterling at this moment, the scottish government would pick up the creek. it wouldn't be able to create money. richard says it wouldn't be able to cover the can pandemic crisis. and the funding of that,

it had had to go cap in hand to the city of london to try and borrow users in interest rates. i mean, the hoping would have been the buckle. you can have independence and have somebody else when you're comes here. you're a colleague, policy and your money. supposing independent means monetary independence. that should be able to see that we haven't got back clear by know that when, when we have a will that wasn't that came from self assent. when the facts changed and i changed my mind with the fax, he did, indeed we did it. it was a rare preg pregnancy to keeping his his class and is this going? i have to, well, we have to learn the lesson and keep keeps called going operate in scotland interest run the bank because interest. lastly, to radical economists, as i've passenger, let's look at a distribution across the platinum g southern, maybe leading the way in an expansive direction may be starting to tax those. so the, the tax, how much of the world's poor going to see if the, if that happens,

i mean, you'd have fab, elia, richard murphy, to the percentage that might go to, to helping list. and those on the us, to me, is an underlying concern. you have in terms of this, that's what looks like promising economic initiatives. this is a fundamental concern, and it's actually a change of emphasis within the g. a g 7. i was that the 2013 summit chap like that . the cameras, remember him where he headed and we actually have been bounced back in law. and no, not of them. which focused upon the fact that the rewards of tactical should go to developing countries. the reality is that this, the end is not going to do that, not by a long way. and i mentioned already, i spent time at the scene during that period. and i remember talking to the chinese and to the indian indian to say, we won't share and there's a very aggressive authority about africa. that's also going to be leading the job and they're very good. now,

i'm going to be in the debating chamber. they're not going to be left outside. so i really do not expect to deal with seeing a present as being the one that will end up with this horrible biased towards head office of countries like that. like the usa, like to be. and we to see a better outcome. i don't believe they'll buy it less that changes. because kevin, however, going to avoid those who have been in the hen. and as we say in scotland of what all, dec on the for so long having the the same treatment as we move into a new environmentally sustainable world. take the costs of that change and see very few of the benefits. how can we avoid such a mile distribution of one of the sources continuing well at about $140.00 countries because they'd negotiation to who c d on a global tech, steel, and ultimate, they all have to be brought within the tent. so i think i think they should use

this moment to say to the g 7. ok, that's your opening off offer, but we want more certainly of a 15 cent tax rate needs to rise and so poor. i think we need, we need a bit of a bit of, of international negotiation. and i think the, the, the, the poor relations, particularly on some of the develop missions like brazil has to be prepared to say no deal unless we get what we want. so the u. k. u k has already remember past the tax, new tax on digital competence and hilbert bitch after donald trump groves. butch, i think u. k, right away to implement its digital text cream off the money. and we could use that, for instance, to, to get our, our percentage payments for international aid up to back to it should be done. kevin, professor, richard murphy. thank you so much for joining me again, i'm the,

i'll examine show thanks, alex. thank you counsellor. if you see like it came to spare it was he who parsley rallied, the g 7 finance ministers to pursue the 15 percent corporate tax to go. indeed, you can change the passion, lease talks about the big time for the take jones to pay their fair share. however, 2 other statements should give pause for thought before the chancellor. it's inaugurated, as corn was answer to robin, who 1st, as international chatted, says appointed. the 15 percent minimum represents a very low bar on some 10 percent less than the level originally emitted by american president will show for 3 seconds and even more interestingly, the 10 giants themselves have well convey initiatives. now sometimes when talk is a patently bought for christmas, it is, it's way more significantly less. it's like a shift to the consumer power of the big battalion. it is clear that the big

economies are looking for ways to refill their treasury coffers and the post cupboard world. a shift to new source from big corporate to big government. what is less clear is whether any of this me distribution will find its way to the countries which are genuinely on the uppers. indeed, the still martinez controlled. massy over the u. k. governments cut in it's in budget rather folly did attempts to present themselves as any friend or ally of the world's poor. but for now from alex myself, an all issue, stay safe and we hope to see you all again next week. ah, me in

the ah cruise in one of the persian gulf, the wealthiest country is, has spent billions of dollars on state of the art stadiums. well, look at this, the stadium is really taking shape. you can see the bowl and most of the stands now, when we were here a little bit over a year ago, at the same construction site,

it was just a foundation and a few metal structures. so it seems that time why this idea to use shipping containers as building blocks has definitely paid off. i mean, they're easy to assemble and easy to dismantle, just like playing with lego the for the 1st time and world cup history, the stadium will be billed from shipping containers and what's more, it will be completely dismantled after the tournament. we're here in saint petersburg at the international economic form, and the topic of our program is the global economy. how is it changed since coven, for the winter, for the losers? what are the challenges and what are the opportunities the

ah thing investigation reveals the host of america's which is billionaires are avoiding taxes by getting richer us revenue services as well could serve with finding out we believe the residences in rails, again as nato expansion and the mistreatment of russians in ukraine in the comprehensive interview of his summit, joe biden talks with university students, remove an image of queen elizabeth the 2nd from the college common room citing it's linked to the colonial pass, a move condemned find the countries education minister as absurd. we took the issue of the device. the queen is the head of our country. so i think it's a great, really, really great shame come to this. they haven't seen disrespectful mcqueen and a major vote. they took the poetry down. i think people need.