£5billion taxed from the energy companies, a £15billion total support package to pay energy bills. Can you join the dots?
So Rishi Sunak has announced a Windfall Tax on Energy companies of £5bn to fund a total cost of living crisis package of £15bn – I hope that demonstrates to those people at the back who still think taxes pay for stuff, that they actually don’t, I think the maths here speaks for itself, but make no mistake, when the oil and gas companies still get to keep 75% of their exorbitant, unexpectedly high profits, it’s not much of a dent. They also aren’t going to go anywhere because our oil and gas reserves aren’t suddenly going to emigrate somewhere else, but the Tories still felt the need to offer them a massive 91 pence in the pound tax cut going forwards for extracting fossil fuels here. The reserves aren’t going anywhere, the likes of Shell will still want them, there was no need to do this.
Windfall taxes are one off actions that have no lasting effect and when there’s no end in sight to the current crisis, they’re not very sensible. Inflation is still rising so even now, the offers made are starting to become less and less helpful before we’ve even got that extra cash. Remember the fuel duty cut to help us at the pumps? Gone now hasn’t it? Prices have risen past what was saved, it was effectively a windfall tax because fuel duty remains the same even as prices rise. A VAT cut would’ve been more meaningful and would still have an effect on prices going forwards, the same would apply here, cut VAT on energy instead of offering the energy companies a bung.
There’s also the fact Labour are crowing that this is some kind of victory for them, that they’ve forced this on the government, the Starmer stans cheering their man for getting one over on the Tories saying they’ve been calling for this since January, but they need to pipe down. It was Corbyn who proposed this back in 2019, along with full renationalisation so we’re in control of our energy infrastructure again, but God forbid the likes of Rachel Reeves admit to that. They didn’t come up with the windfall tax idea in January either, having nicked it off the Lib Dems who had been pushing the idea in October, so adenoidal Starmerites doing the media rounds should shush, especially when their man was elected on a platform to renationalise the damn lot and lied about it. Tinkering with this has meant they’ve actually been outflanked by the Tories to the left of them by offering a bigger windfall tax package than they were, but that’s always the way when you tinker with, instead of leading on big issues. This package, like all windfall tax packages, is a sticking plaster solution and won’t last, only coming now to deflect from Sue Gray and we know that because all Tories voted a windfall tax down last week, but it’ll be welcome news for many knowing some extra cash, though still not enough, is coming.
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