Sir Keir Starmer’s party wants the prime minister to implement a “multinational top-up tax” in line with reforms agreed by the G20 in 2021. Under the plans, large companies based in the UK would have to pay an effective rate of 15% on any profits they make in other jurisdictions around the world. If they didn’t, Britain could charge a top-up tax at home and earn that revenue, with some exceptions. This will only apply to companies with global revenues of more than €750m (£655m) a year. The aim would be to reduce the incentive to shift profits to low – or no – tax jurisdictions, as companies would have to pay the minimum rate regardless of where the money was stashed. Labor wants the government to show “urgent leadership” by moving forward with the top-up levy. The bill to introduce the change was published in July 2022, but the proposals have yet to be tabled in parliament. Shadow chancellor Rachel Reeves is also calling on ministers to make “fairer choices” about tax and spending and set out how to grow the economy and improve living standards. “Britain has so much potential but we are lagging behind on the world stage, while mortgages, food and energy costs are going up and up,” he said. “The country is being held back by a conservative government that has destroyed the economy, with workers paying the price. “What Britain needs in the Autumn Statement next week is fairer options for workers and a proper growth plan. “Labour has a plan to secure our economy and get it back to growth, fueled by the talent and effort of millions of workers and thousands of businesses. “Workers need a fresh start with a government on their side.” A Treasury spokesman said: “The Prime Minister, under the UK’s G7 presidency, laid the groundwork for historic international tax reforms that are now supported by more than 130 countries. “Since then we have been at the forefront of global efforts to implement these reforms, including consulting on the implementation of the UK’s global minimum corporate tax rules and publishing draft legislation in the summer.”