New tax rate on top US firms abroad will help Americans at home, Yellen says

New 15% rate on firms that have avoided paying tax on US soil will help to improve education and infrastructure - treasury secretary

The treasury secretary Janet Yellen has said US multinationals who have spent years avoiding paying tax on American soil will be forced to help fund improvements to education, social and infrastructure programmes, thanks to the landmark global tax deal.

Speaking in Ireland, where 800 US companies are based, Yellen said the new global tax rate agreed by 136 OECD countries halted the race to the bottom" where multinationals scoured the world for the lowest corporation tax rate, failing to pay their dues to the populations that helped them make billions every year in profits.