Corporations squeezing out small businesses due to Covid-19

Having moved to Peebles in 2002, self-proclaimed ‘stooriefit’ Bosco Santimano gives us his own take on what he feels is the hot topic of the day. This week it’s Big Corporations and the stranglehold they are having on communities and small businesses across the world.

COVID-19 or Coronavirus, no matter what you call this pandemic that is killing thousands of humans around the world, one thing for sure, its consolidating power and money in fewer hands, again! Some of the biggest names in the business world are making huge profits due to this virus as their companies will tend to benefit from billions of dollars that governments from all across the world will pay, in the hope to find a vaccine or cure. Fear is the key for making people believe in the lies they will peddle to gain more control over our lives. The UK Covid-19 benefit scheme once again helps big businesses while smaller and medium size establishments are left high and dry. It is laughable to see billionaires like Richard Branson asking for government bailouts while relaxing on his island. It is also shameful to see our politicians pander to the rich by passing legislation during these times that will help consolidate these corporations even more at the expense of small to medium sized businesses.

Covid-19 may also leave us with the global and local economy in fewer hands mostly made up of big companies that will increase their share of profits, employment opportunities, government subsidies and tax breaks for the wealthy. The stock market has seen an exponential rise in share prices of global corporations like Amazon and Big Pharma, that are decimating small business everywhere they go. India is facing a massive crisis where the government has allowed big operators in the market to continue their dominance while restricting small business. Many of these small businesses will not survive as they are not getting the same financial support from the government. Closer to home in Scotland it is slightly different but the same logic of providing full financial support to big companies in terms of furlough, grants and zero interest loans continues. In the US from the mid 90’s to the middle of this decade, workers employed by companies with 10,000 or more staff increased by 4% raising it to overall 30% of the employment share of the market. Capitalist among you will repeat the mantra “markets will decide”  knowing well that the markets are failing citizens during this pandemic across the world, which is why governments have to step in to protect and provide for its citizens(tax payers).

This trend towards the rich getting richer will only accelerate if we, the people, don’t challenge and confront our politicians to stop and reverse this process. Companies like Amazon will completely control both the supply and distribution chain and will leave many to work as self-employed or zero hour contractors with no pensions and other benefits while at the same time getting tax breaks and subsidies to create jobs from the government!

The biggest negative impact this crisis is having will be on our well-being both financially and emotionally long term. It’s time to wake up and challenge the way business has always been done and hold our politicians to account once and a for all.

The revolution is coming but maybe not in Peebles as too many people here are living a very comfortable life and will not take any steps to challenge the status quo.

Stay safe!

Published in The Peeblesshire News on Friday 1st May 2020.

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