Homebase is the latest casualty in the rapid decline of the UK’s high street. In mid-August, the DIY retailer said it would close 42 stores, putting 1,500 jobs at risk. It joins a list of famous names who have axed stores, or gone bankrupt, in 2018: Carpetright, House of Fraser, Maplin, Marks & Spencer, Mothercare, Poundworld and Toys R Us.
Meanwhile, in June Amazon reported record quarterly profits of $2.53bn (£1.9bn) worldwide, 12 times more than it made during the same period last year. A month later its founder Jeff Bezos became the world’s richest man, worth $150bn (£118bn).
And yet in August Amazon’s UK accounts show it paid just £4.6m corporation tax in 2017, down from £7.4m in 2016, despite pre-tax profits rocketing from £24.3m to £72.3m. Critics of…