Fresh calls for windfall tax on companies that prospered during Covid

ca.sports.yahoo.com
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Fresh calls for windfall tax on companies that prospered during CovidResearch highlights six firms that increased their profits by a total of £16bn Asos were...
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Campaigners have issued fresh calls for a windfall tax on companies that prospered during the pandemic, after research highlighted six firms that increased their profits by a total of £16bn.

The outsourcing firm Serco and online clothes retailer Asos were among the companies that saw their global profits more than double over the last financial year, while one investment trust, Scottish Mortgage, saw its returns grow to nine times the average of preceding years.

The report, from Tax Justice UK, highlights six companies who it says made "excess profits" during the pandemic and argues that they exemplify trends under Covid, where some firms and individuals increased their wealth while others suffered.

The case studies also include the mining giant Rio Tinto, real estate firm Tritax Big Box, and the pharmaceutical firm and vaccine manufacturer AstraZeneca. The report argues the companies either benefited from state pandemic spending, or were able to profit from economic changes that were accelerated by Covid.

The UK government borrowed a record near-£300bn last year to fund extra spending, including on health and public services as well as more than £100bn on job support such as the furlough scheme.

Boris Johnson is now hiking employees' national insurance to raise £12bn for the NHS and social care. The report argues that a…
Gwyn Topham
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