From big tech windfalls to taxing wealth in the same way we tax income, reforms are way overdue
It is tough to comprehend the economic impact of the coronavirus pandemic: the loss to world output this year is forecast by the IMF to be some £2.8tn – more than the size of the entire UK economy. Britain is among the countries that have fared the worst, with a fall in GDP of around 10%. It is the deepest recession in the post-war era, far greater than the 2008 financial crisis where the economy shrank by more than 6%. Unemployment is on the rise, particularly for young people.
Yet while many have suffered, some have prospered. With the nation under its second lockdown of the year, the biggest beneficiaries have been big tech firms such as Amazon, Apple, Facebook and Google – all of which have seen their profits soar and valuations reach new heights. The pandemic has accelerated the disruption caused by what some term the fourth industrial revolution.
