AI job losses may kill income tax in five years: British bank Monzo’s founder issues grim warning

Tom Blomfield, founder of the UK-based online bank Monzo, said in a recent podcast that income tax could be replaced by a levy on AI infrastructure within the next five to six years, as the technology continues to transform how companies operate and employ people.

“I don’t think we’ll tax human labour, we will tax compute, (meaning systems like) data centres, and then we will use the proceeds to pay for government,” Blomfield said on The Rest is Money podcast, uploaded on Monday.