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Source: Scottish Greens

Wed 18 Nov, 2020

A windfall tax on businesses that are making enormous profits from lockdown has been raised at the Scottish Parliament by Scottish Green MSP Mark Ruskell.

Supermarkets and online retailers are recording rises in pre-tax profits at a time when many small businesses are facing extinction because of COVID-related restrictions.

At the Scottish Parliament’s COVID committee, Mark Ruskell proposed a windfall tax to support a fair recovery and protect the high street.

Speaking afterwards, he said: “This crisis is exposing how our economy favours big businesses over local firms and the supply chain. Tesco alone made half a billion pounds in the first half of this year, and Amazon is clearly booming.

“Our local high streets were already in trouble, but COVID restrictions are killing them off for good. Retailers in Tier 4 areas in particular will struggle during what is usually the most profitable tine of the year. A windfall tax could be a useful tool to ensure that there is more support for the businesses that are being crippled by this pandemic.”

Tesco’s profits for the first half of the current financial year (March to Aug) were up 28.7% on 2019, to £551m

Amazon UK pays 3% more in tax despite 35% rise in profits

MIL OSI United Kingdom