Windfall Tax Considered by Government
August 1, 2008
In the news today it said that the government is considering implementing windfall tax. This comes after record increases in the cost of fuel. The revenue generated would be used to aid poorer families that are struggling to pay fuel bills.
The main energy companies targeted are BP, Shell and British Gas who have announced recently multi million pound profits. Richard Lambert of the CBI has said however that this could be bad for consumers. So, it rests on Alistair Darlings’ shoulders to weight up whether this will be positive for our flailing economy.
The problem is that the government does not want to discourage investment into our economy. Business Secretary John Hutton has said:
“We’ve got to have a fiscal and a regulatory climate that encourages all of that investment because, quite simply, it will go elsewhere if there’s not confidence in the UK market. But the chancellor has to make these calls - very difficult calls - and he has my full support in looking at all of these issues.”
Though ministers have to look at the full picture, it is difficult for consumers to feel anything but resent against these Global Conglomerates. From April to June, Shell announced a £4 billion profit, this is up by 4.6 percent on the same time last year. Centrica, the parent company for British Gas made over £900 million in the first half of the year.
Looking at the figures there was a 20 percent fall, but then the day after British Gas customers were given a 35 percent price increase. I could go on with figures from BP, but I think you get the idea…
Something must be done to prevent energy poverty, especially for when the winter kicks in. It is now in our government’s hands to decide what course of action to take and whether the windfall tax will be the best plan.
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