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UK PM promises tax crackdown at G8

Friday, June 14, 2013 - 02:11

June 14 - As security tightens in Northern Ireland ahead of Monday's G8 summit, Hayley Platt takes a look at the issues likely to be on the leaders' agenda.

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Security tightens in Enniskillen, Northern Ireland ahead of next weeks' G8 summit. The remote location was specifically chosen by the British government to deter potential trouble-makers. Twenty-six years ago it was the target of an IRA bomb attack which killed eleven people and injured dozens more. Police say they're not taking any chances. SOUNDBITE: Chief Superintendent Pauline Shields, saying (English): "The threat across Northern Ireland is classified as severe and that's what it was prior to G8 and the arrival of G8 hasn't changed that." British Prime Minister David Cameron says the G8 is an opportunity for Northern Ireland to shine. SOUNDBITE: British Prime Minister, David Cameron, saying (English): "That summit is an opportunity to show the world a Northern Ireland to the world that is open for business, investment and tourism." He's promised to put tax evasion and agressive avoidance at the heart of the meeting, estimated to cost governments around the world around $3 trillion dollars a year in lost revenue. It follows public outcry over revelations that companies like Starbucks have used clever tax planning and exploited loopholes to reduce their taxes. Simon Wagman is a partner at chartered accountants Blick Rothenberg. He says it's difficult to say whether the G8 summit will bring meaningful tax reform. SOUNDBITE: Simon Wagman, Blickrothenberg, saying (English): "Will the likes of Google and Amazon pay more tax in the UK? They may do, they may not do. But they certainly may pay more tax globally. And if it's an EU coffer, US, that's raising tax which can only be good. Obviously each government will have their own axe to grind as to whether it's coming to their coffers. So I'm sure there will be a lot of talk and things that come out of it because it's a hot topic but realistically who knows what's going to happen." It's an issue close to the heart of these protesters - who chose to demonstrate against capitalism in London's Canary Wharf - home to banks such as Barclays and JP Morgan. They're accusing governments of failing to take action against large companies dodging their tax responsibilities - and say ordinary people are paying for the financial crisis. The two-day G8 summit of world leaders gets underway on Monday.

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UK PM promises tax crackdown at G8

Friday, June 14, 2013 - 02:11