Public country by country reporting measure defeated by narrow margin in UK Parliament

Transparency advocates expressed optimism in the face of defeat after members of the U.K. Parliament defeated by just 22 votes a Finance Bill amendment calling for public country-by-country reporting of large multinationals’ profits and taxes.

The amendment, moved by Labour MP Caroline Flint and backed by MPs from all of the main parties and by tax advocacy groups, was defeated June 28 by a vote of 295 to 273. “A great result,” Flint tweeted.

“We are very much encouraged by today’s debate. Although the defeat is disappointing, the margin was very narrow,” Alex Cobham, director of research at the Tax Justice Network, told Tax Analysts.

Read more: My news story for Tax Notes, 29 June (paywall) published by Tax Analysts.