Last week’s piece looked at the falls in our corporation tax take from the perspective of concentration risk. Too much of what fuels the state comes from too few companies. Their off days become the country’s off years. One study for Ireland found a productivity shock to the five largest firms accounted for about one-third of aggregate productivity growth. This matters because when those shocks are positive, we benefit disproportionately. When they are negative, we suffer disproportionately.  Worse again, they are volatile, and we have to learn to live with that. Policymakers react to the increased volatility they see in…

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