Gross profits by the coffee chain’s UK arm rose 24 per cent to £69.9million. Campaigners and MPs want global tax reforms so giant firms pay more in countries where they make their money. George Turner, executive director of Tax Watch, said: “Starbucks made great fanfare of the fact that it moved its headquarters to the UK a few years ago, highlighting that this would lead to more tax paid. Labour MP Meg Hillier, head of the public accounts committee, said the situation was unfair on smaller rivals who paid full taxes. “The loss was not down to higher royalty expenses, but driven by impairment charges for UK stores and provisions for under-performing UK stores.”

Source: Daily Mirror October 10, 2020 18:57 UTC