Lunchtime update at the #G8

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A whole morning has gone at the G8.

The leaders aren't here yet. Briefings, speculation and briefings abound.

Numerous interviews have been done.

And to be candid, nothing has happened as yet.

What I can say is that seasoned hacks, and seasoned summit watchers all appear to agree that thinking that this summit is going to deliver anything very much on anything may be optimistic.

My point of view is that this is a little pessimistic on tax - which is not the centre of attention today. Whilst I have no great tax expectations my hope is that this may be the summit where many countries come to the realisation that the race to the bottom has to be stopped and that the time has come for them all to get in the boat together if tax revenues are to be raised by beating tax cheating.

That may be optimistic - but summits of themselves never acheive anything; they are the moments when the direction of travel changes a bit. I think this one may signal a serious change of direction even if the new course has still to be worked out in detail. That may be enough. But it will leave a lot to do, domestically and internationally, as I have already indicated today.


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