Labour plans tax on global firms' profits based on UK presence

A British government led by the Labour Party would tax multinational companies' global profits based on their presence in Britain, the party's finance spokesman said on Friday.

"So if a multinational has 10% of its sales, workforce, and operations in the UK, they're asked to pay tax on 10% of their global profits," John McDonnell said in a speech on Friday ahead of the Dec. 12 national election.