Will Corbyn’s robot tax stymie innovation?
Jeremy Corbyn has said those companies which profit from the use of robots will face extra taxes under a Labour government. In his conference speech, the Labour leader will say that advances in robotics and technology need to be managed “for the benefit of society as a whole”. He will say: "We need urgently to face the challenge of automation; robotics that could make so much of contemporary work redundant. That is a threat in the hands of the greedy.” Charlie Elphicke, a Conservative MP, said: "We all want to see companies like Google, Amazon and Facebook pay a fair share of tax but taxing innovation and new ideas is economics of the mad house." Elsewhere, London mayor Sadiq Khan told the Standard he will stand up to Mr Corbyn and the shadow chancellor if they threaten the London economy with tax rises or other detrimental policies.
Source: The Daily Telegraph (27/09/2017)