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What\u2019s the reason behind this? Many believe this is a result of slower than expected rollouts<\/a> of the coronavirus vaccine in Europe.<\/p>\n\n\n\n On the other hand, France\u2019s economy expanded by 0.4% quarter-over-quarter. Yet, it was Germany who brought the overall numbers down, with a 1.7% GDP contraction. Economist Maddalena Martini at Oxford Economics noted that much of this is still dependent on moving past the global pandemic<\/a>.<\/p>\n\n\n\n \u201cToday\u2019s GDP data for the first quarter suggests a fair resilience of the bloc\u2019s economy and sends encouraging signs surrounding the near-term outlook,\u201d said Martini.<\/p>\n\n\n\n A Greek shop owner remains hopeful: \u201cFrom now on, we hope that things will get better, because of the vaccines, because of the measures,\u201d she said. \u201cIf tourism comes and they don\u2019t bring us COVID but leave us money, it will be much better.\u201d<\/p>\n\n\n\n As we head into the summer months, many businesses throughout the region are awaiting guidance on easing travel restrictions that could have a massive impact on revenue and profits for the remainder of the year. In the first of hopefully many reports of good news, the EU recently announced that starting in June, UK residents who are fully vaccinated will be allowed to travel on holiday throughout Europe. These plans will also apply to other countries where infection rates are low. However, individual states will impose their own rules on testing and quarantining as they see fit. <\/p>\n\n\n\n Tourism is such a huge part of Europe\u2019s economy that easing restrictions will likely do wonders to the region\u2019s ability to get back to economic growth. Regarding this announcement, European Commission president Ursula von der Leyen noted<\/a>:<\/p>\n\n\n\n \u201c[It\u2019s] time to revive the tourism industry & for cross-border friendships to rekindle \u2013 safely. We propose to welcome again vaccinated visitors & those from countries with a good health situation. But if variants emerge, we have to act fast: We propose an EU emergency brake mechanism.\u201d<\/p>\n\n\n\n Despite sales totaling \u20ac44 billion in the region last year, Amazon avoided paying corporation tax<\/a>. Amazon EU \u2014 which is based out of Luxembourg and does business in the UK, France, Germany, Italy, the Netherlands, Poland, Spain, and Sweden \u2014 reported a loss of \u20ac1.2, which allowed them to forgo the tax, which must only be paid when a corporation earns a profit in any given year. Even further, this loss led to a \u20ac56 million tax credit that the company can use in future years to offset tax payments.<\/p>\n\n\n\n Many are furious at big corporations like Amazon who avoid paying their fair share of taxes. Labor MP Margaret Hodge has previously campaigned against just this, hoping she can create changes in the tax law that reduce these loopholes<\/a>.<\/p>\n\n\n\n \u201cIt seems that Amazon\u2019s relentless campaign of appalling tax avoidance continues… Amazon\u2019s revenues have soared under the pandemic while our high streets struggle, yet it continues to shift its profits to tax havens like Luxembourg to avoid paying its fair share of tax. These big digital companies all rely on our public services, infrastructure, and educated and healthy workforce. But unlike smaller businesses and hard-working taxpayers, the tech giants fail to pay fairly into the common pot for the common good.\u201d<\/p>\n\n\n\n Thanks to increased pressure from regulators, many companies like Uber will now have to classify their gig workers as permanent employees. They were previously employed as gig workers\u2014independent contractors who have flexible, temporary, or freelance jobs. Uber alone was forced to reclassify 70,000 of its workers after losing a UK Supreme Court case on the matter.<\/p>\n\n\n\n Yet, many are concerned that while this is a victory for those who can now qualify for benefits and paid time off, the implications are far-reaching. For one, companies will likely be unable to employ everyone who worked as independent contractors. The cost of an employee is higher than a gig worker, and companies will have to adjust as a result.<\/p>\n\n\n\nTravel restrictions start to ease<\/h2>\n\n\n\n
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Amazon avoided European corporation tax in 2020<\/h2>\n\n\n\n
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The broader implications of regulating gig workers<\/h2>\n\n\n\n
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