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BUSINESS LIVE: Big firms underpay £35.8bn in tax


BUSINESS LIVE: FTSE climbs; Big firms underpay £35.8bn in tax; Covid killer laser firm to list in London; MPs ready to intervene on BT deal










HMRC fears that large corporations underpaid £35.8billion in tax last year

HMRC fears that large corporations underpaid £35.8billion in tax last year

The FTSE 100 rose almost 1 per cent this morning, driven by gains in oil stocks and miners. 

Oil majors BP and Royal Dutch Shell were up about 2 per cent each after Saudi Arabia raised its crude prices.

The FTSE 250 also advanced 0.75 per cent, with FirstGroup, Clarkson and M&B leading the way. 

In other news, big companies underpaid £35.8billion in tax last year, HM Revenue & Customs fears. This is a jump of £1billion on the previous year, according to analysis from law firm Pinsent Masons, and the sixth year in a row that the shortfall has increased.

Life sciences group Ondine Biomedical that has developed a treatment to kill Covid with laser light will become the latest firm to list in London when it goes public today. 

Ministers are standing by to intervene in any attempted takeover of BT as French telecoms tycoon Patrick Drahi reportedly plotting to double his 12.1 per cent stake in the group. 

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