There is no excuse for any further delay

The government must commit to introducing a windfall tax on energy companies, according to Social Democrats Climate Spokesperson Jennifer Whitmore.

“The Secretary General of the UN, António Guterres, has called on governments around the world to tax the super-profits of energy companies – and use that revenue to ensure the most vulnerable are not hardest hit by the cost-of-living crisis.

“The latest example of super profits being made by energy companies in this country is the 74% increase in profits at Bord Gáis Energy this week. Despite this, the government has refused to commit to the introduction of a windfall tax on energy companies.

“It is immoral that energy companies are profiteering on the energy crisis, caused by the war in Ukraine, to extract excessive profits from low and middle-income families. The government must tax these grotesque profits.

“In the UK, a windfall tax of 25% was introduced in July – which was too late to capture the €8 billion in profit made by BP in the second quarter of this year. We cannot allow the government to continue to delay the introduction of a windfall tax here.

“It should make the decision now and introduce it, at 25%, prior to the budget – to ensure that super profits, being made at the moment, are subject to the tax. There is no excuse for any further delay.”

4 August, 2022


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