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BUSINESS LIVE: Big firms underpay £35.8bn in tax

BUSINESS LIVE: Big firms underpay £35.8bn in tax; Covid killer drug firm lists in London; MPs ready to intervene on BT deal

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.

A life sciences group 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.

Ondine Biomedical will join the junior market in a £104m float. It hopes to raise around £23m to help roll out its first product.

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.

A lockup period in which he has not been able to buy more shares comes to an end on Saturday and he could make a full-blown offer.

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