The latest issue of GTR reports on ICC United Kingdom’s Summer Reception, ‘trade, tax and geopolitics,’ held in May. In his keynote speech, Sir Martin Sorrell expressed his concerns about the Brexit debate, and explained why many businesses now see uncertainty as the new norm. The article also describes the panel discussions – highlighting the growing anti-trade sentiment emerging around the world. As Robert Koopman, Chief Economist at the World Trade Organisation, explained: “The brunt of blame for low employment and declining wages is on trade. But most job losses are due to bad business models and the growth of technology.”
Panellists also discussed the trade finance gap, and the need to keep governments focused on pro-growth policy. But the issue of tax evasion was of particular interest – with a focus on the Panama Papers leak earlier this year. Nora Senior, President of the British Chamber of Commerce, stated that tax avoidance and evasion is currently costing Europe up to £56 billion a year in lost revenues.
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