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Rishi Sunak praises G7 tax deal on corporate taxation

Vittorio Colao, Minister of Technological Innovation and Digital Transition, spoke on the sidelines of the Trento Economics Festival, where delegates examined the needs of the digital sector at a time when remote working was increasingly becoming Standard. And Mr Colao, the former chief executive of Vodafone, also lamented the UK’s decision to vote to leave in 2016 – and the impact that decision had had.

He said: “The negative impact of Brexit is starting to be felt, but the integration of the European process will continue.

“In the long run, I think the continued progress of this 27-country EU pays off more than not taking a bet every now and then.

Mr. Colao added, “I am a big believer in a future that brings together the best of both worlds.

Chancellor Rishi Sunak at the G7 summit (Image: GETTY)

Vittorio Colao

Vittorio Colao, Italian Minister for Technological Innovation and Digital Transition (Image: PA)

“We must enable the legal and also the cultural framework that will take the best of face-to-face work and smart work.

“In this sense, we also encourage companies, universities and public companies to combine the best of both worlds.

“We are moving towards a mixed work model, without the anxiety of going to work very early or not being able to manage family life.

“But we must not forget the necessity and the importance of socialization and mentoring towards young people.”

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Ursula von der Leyen

Ursula von der Leyen, President of the European Commission (Image: GETTY)

Referring to behavior that was considered the norm before the pandemic, Mr Colao said, “We will not do some things anymore.

“I admit that I went to Hong Kong for a dinner and if I think about the imprint of that dinner… some nonsense that we will not do again.”

Referring to the sensitive issue of cybersecurity, Mr. Colao said, “We have 93-95% of public administration servers that are not in secure condition.

“No one is safe here and we cannot continue like this.

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Brexit factors

Five key factors that triggered Brexit (Image: GETTY)

Digital services

Digital services are becoming more and more crucial especially since the pandemic (Image: GETTY)

“We need more secure clouds because sensitive and less sensitive citizen data is kept secure.

“We will also categorize business data and cloud layers which, if used, will need to be certified.

“A safe world on both the business and non-business side. “

Mr Colao criticized Brexit in the run-up to the 2015 referendum, insisting that Britain must stay in the bloc to shape the future of the single market for digital services, one of the sectors of the fastest growing economy.

Mapping of factions in the EU budget

Mapping of factions in the EU budget (Image: Express)

At the time, he told Radio 4’s Today program: “We believe that the digital single market is the next big opportunity for the economy, in Europe in general and for Britain in particular.

“It would be a great missed opportunity if Britain tried to sit on the outside and not shape it from the inside.”

Speaking yesterday, Chancellor Rishi Sunak said a “seismic” global deal to tax big tech companies was proof that Brexit Britain was a world leader.

The new global tax deal agreed by the G7 countries of the world’s largest economies will set a minimum global corporate tax rate of 15 percent on profits.

Work at home

Working from home is becoming more and more the norm (Image: GETTY)

Mr. Sunak commented: “What this shows is that we as a country can play a leadership role.

“Various people have asked what is the UK doing after Brexit? Has our position in the world diminished? Are people listening to us?

“I think this is one of the many examples, hopefully, of the UK playing a definite leadership role.

“The UK is doing its job, playing this leadership role on issues that help people’s lives.

(Additional report by Maria Ortega)


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