I think the transfer pricing issue is an extremely complex one. The problem with transfer pricing is that it is fundamentally intellectually flawed, because you're trying to tax each company as if it were independent of all others inside the same group of which it's a member. But the reality is that they are only members of the group because they make more profit that way. Therefore, you guarantee that you will undertax the profits of a multinational group by applying arm's-length transfer pricing. The inevitable consequence is that some money will always float off untaxed to a tax haven. It is actually a system that cannot be tweaked to be put right. It is beyond redemption.
We need to move towards a unitary basis for taxation for international multinational companies, and we need to move to an accounting system called country-by-country reporting, and I declare an interest as I designed it, which would actually provide information for each country where a multinational trades—what its trade is, what its profit is, and so on—so we can actually apportion profits fairly.