Boris Johnson, the leading candidate to succeed Theresa May as Britain’s next prime minister, said he would withhold a previously £39bn Brexit payment until the European Union gives Britain better exit terms.

Meanwhile rivals continue to bombard the airwaves with soundbite pitches. Dominic Raab continues talk of suspending parliament, Sajid Javid offers to pay for a post-Brexit border solution with Ireland and Michael Gove speaks about replacing VAT.

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Tech giants will soon have to pay taxes regardless of their physical presence or measured profits in a country after G20 finance ministers agreed to accelerate a radical shake-up of cross-border corporate tax.

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United Technologies is nearing an agreement to merge its aerospace business with Raytheon in a deal that would create a new giant in the sector, according to the FT.