As a precursor to next week's G7 meeting in Cornwall, the G7 tax task force - after months of deliberations - has announced a major tax reform that they hope will apply globally.

From 2021 onwards, Cornish Pasties will no longer be taxed on a worldwide basis to ensure that all people, anywhere in the world, can enjoy a pastie tax-free.

The share price of Greggs has rocketed as a result.

This is thought to be partly the result of the latest tweet from Elon Musk that simply said "Pasties". The value of Bitcoin has also crashed as investors have sold Bitcoin and piled in to pasties.  

The G7 team also announced another tax reform related to the fact that major technology corporations do not pay their fair share of taxes in the countries where they make their profits. In recognition of this fact, the G7 have agreed to abolish individual income taxes in all their countries so that their citizens are taxed on a 'level playing field' basis with multinational corporations.

A spokesperson for the UK's Department of the Treasury commented:

We are very pleased that the world has recognized the value of Cornish pasties and that our taxpayers will henceforth pay the same rate of tax as multinational corporations i.e. zero which will give them more money to spend on pasties.