The press release issued by Tax Justice UK on 9 January 2026.
Happy New Year! And what a start to the year. On day one, we saw crowds taking to the streets of New York City for new mayor Zohran Mamdani’s inauguration chanting “Tax the rich”. That’s the energy we need to bring to the UK as we head into a year full of opportunities to make the super-rich and mega-corporations pay their fair share, and for that money to be put to good use in our public services.
In early May 2026 Wales and Scotland elect new parliaments, and councils across the UK go to the polls. These elections matter. They give us the chance to win material reforms to our tax system that could change lives in the devolved nations, turn up pressure on the national government, and build the nationwide movement we need to win transformative change. And thanks to your generous support at our last fundraiser, we’re in a strong position to seize these opportunities.
We need to keep making it clear to everyone in Westminster that no party will win the next general election without offering a credible plan to improve people’s lives. This means the government standing up and tackling inequality, and showing they’re willing to face off the vested interests of the super-rich and corporations that are hollowing out our economy.
Mamdani’s victory in New York City showed how regional elections can spark hope far beyond their borders when they centre ordinary people make bold demands, and explicitly address inequality through tax reform.
But in just this first week of the year, we’ve also had stark reminders of the world as it is right now. A world where the rich and powerful rip up, rewrite or ignore any rules that don’t serve them, and where governments serve the interests of billionaires, by any means necessary.
Earlier this week, the OECD (an opaque club of rich countries that set a number of international tax regulations) announced that the 15% Global Minimum Corporation Tax (GMCT) will no longer apply to U.S. multinationals — effectively giving the green light to some of the world’s biggest corporations to continue dodging their taxes.
Even with the global minimum corporation tax agreed, the UK was already losing an estimated $9 billion a year to tax‑dodging by U.S. companies. Under the new “side‑by‑side system,” there’s no limits on the tax that U.S. giants’ can dodge by profit-shifting. This is an accounting trick used by multinationals to pretend they made £0 in profit on their massive sales & operations in countries like the UK, by recording £billions in profits from a tiny office somewhere in a tax haven like Luxembourg or the British Virgin Islands.
This change is technical, and with so much else going on it hasn’t got the headlines it deserves. But it’s incredibly important. It will mean yet another massive transfer of wealth into the bulging bank accounts of massive mega-corporations and their billionaire shareholders and CEOs, instead of being invested into services for our communities.
In June the UK is hosting a major summit on illicit finance and dirty money. With enough public pressure, this should be a turning point in the fight against profit shifting and tax evasion. We mustn’t let up on our demand to end UK tax havens that allow monumental amounts of tax dodging. The UK government must know the public is watching — and expects them to defend fairness, not fold to corporate pressure.
So we have a massive fight on our hands in 2026. We’ll be using every election, every platform, and every moment to push for a tax system that works for people, not just the powerful.