UK pushes for City of London to be exempt from G7 tax plan

Chancellor seeks carve-out for financial services in historic' global corporation tax agreement

Britain will seek to exclude the City of London's financial services companies from a global tax overhaul targeting the world's most profitable businesses agreed between G7 finance ministers last weekend.

The chancellor, Rishi Sunak, is concerned that under a version of the plan put forward by the US president - which involves redistributing the profits of the world's 100 largest businesses - digital businesses such as Google, Amazon and Facebook will be joined by banks that he says already pay a fair share of tax.