Derry MP calls for G8 crack down on global tax dodging

Foyle MP Mark Durkan.

Foyle MP Mark Durkan.

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Moves to curb global tax dodgers must be given priority by the G8 gathering today, Derry MP Mark Durkan has said.

The SDLP MP said the delivery of greater coordination to curb aggressive tax avoidance globally must be at the “heart of the summit” as leaders of the world powers descend on Lough Erne Resort in Enniskillen this morning.

Mr Durkan called for the G8 to “deliver strategic economic coordination and intervention”. “It needs to develop a framework for steady growth alongside responsible debt management. That entails recognising drive sectors and drag factors so that a strategy for stimulus has pace, direction and prospect.”

“It is not clear if coordination to curb aggressive tax avoidance globally will live up even to the thin rhetoric from George Osborne. Recent gestures of better tax manners from some companies do not obviate the need for action,” he added.

Mr Durkan also called for “concentration” of the performance of banking and competent international regulatory standards.

He added: “We need to see new curbs on financial institutions playing in futures and commodity indices as legitimate, lucrative investments.”