The UK Labour Party issued a release on 27 October announcing its support for taxing multinationals through formulary apportionment as advocated in a report published by Public Services International, Taxing Multinationals: A New Approach. As provided in the release, formulary apportionment requires multinationals to declare profits in the UK that reflect their UK share of global sales, labour, and assets. This would restrict profit-shifting and would increase the profits on which multinationals have to pay UK corporation tax. The report estimates that the new approach could raise between GBP 6 and GBP 14 billion in increased corporation tax revenue for...