Schaeuble Warns U.K. Against Race to Bottom on Company Taxes
- Wouldn’t befit a ‘truly global economy,’ German minister says
- Europe’s senior finance minister speaks in Bloomberg interview
Schaeuble: German Inflation Likely Rises Up to 2 Percent
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German Finance Minister Wolfgang Schaeuble cautioned the U.K. against a “race to the bottom” on corporate taxation as it leaves the European Union, saying international agreements to combat the practice will apply even after Brexit.
“A truly global economy must think of global governance,” Schaeuble said in an interview with Bloomberg editor-in-chief John Micklethwait at the World Economic Forum in Davos, Switzerland, playing on a phrase used by Prime Minister Theresa May in her Brexit speech. “You can’t race to the bottom on taxes as a truly global economy,” he said. “Announcing a race to the bottom is not in the interest of the U.K. and they will not do it.”