Press Room

31 Mar 2020

Miles Dean comments in City A.M’s daily debate regarding new social contracts for businesses

Miles Dean, Head of International Tax, discusses whether businesses should sign a new ‘social contract’ in exchange for government support, in City A.M.

Miles’ comments were published in City A.M, 30 March 2020, and can be found here. They were also carried in print on 31st March 2020 and can be found on page 13.

“NO, says Miles Dean, head of international tax at Andersen Tax UK.

The Social Market Foundation has called for revised standards of good conduct and a new social contract in exchange for state support in a time of crisis. This seems to be a thinly veiled call for even more state intervention, leaving companies powerless to choose their personality and ideology — a socialist utopia with the added bonus of naming and shaming.

The response by businesses has been commendable at a time when the state should have been better prepared for a pandemic such as this. Of course, businesses should do all they can to support their employees but, for many, lockdown will be catastrophic.

The reality is that companies cannot print their own money like the government can. It is the government’s actions that have placed the country into lockdown. It is the government that should be scrutinised and held to account, not the taxpayer.

Coronavirus is putting our entire social fabric and economy to test. Our focus should be damage limitation rather than revolution.”

Miles Dean

Miles is Head of International Tax at Andersen LLP. He advises privately held multinational companies, entrepreneurs and high net worth individuals on a wide range of cross border tax issues.

Email: Miles Dean