I joined Labour colleagues this week to push the Government for a windfall tax on oil and gas super profits. I also argued that it is totally unsustainable to let energy companies make super profits while energy prices are low and expect taxpayers to bail them out. Ultimately, if we are going to build the resilient, renewable-based system that powers us out of the climate emergency, we have to take energy into public ownership.
The Government have been so busy desperately clinging on to power, they almost forgot about the energy bills crisis now hitting households. After this week’s Ofgem announcement that the energy price cap will rise by an astronomical £700, the Chancellor’s last-minute response doesn’t touch the sides of what is actually needed to help already struggling households.
I was elected on a manifesto which would have insulated us from some of the worst impacts of the current crisis by ensuring billpayer money went into renewables, upgrading Britain’s draughty homes, improving the energy system and cutting costs for billpayers where possible, instead of lining shareholders’ pockets.
Inflation has just reached a 30-year high. Wages, welfare and pensions are all tumbling in real terms while national insurance is about to rise, along with the cost of basics like food, fuel, rent and energy. All the while, banks are doling out their biggest bonuses since they crashed the financial system in 2008. This squeeze on living standards is the consequence of a Conservative Government that prioritises the very rich at the expense of everyone else. By rejecting Labour’s proposals for a windfall tax on oil and gas companies to help bring down bills, they are choosing to put energy profits ahead of people who are struggling to make ends meet or heat their homes.
Inflation is heading for a 30-year high. Wages, welfare and pensions are all tumbling in real terms while national insurance is about to rise, along with the cost of basics like food, fuel, rent and energy. All the while, banks are doling out their biggest bonuses since they crashed the financial system in 2008.
This squeeze on living standards is the consequence of a Conservative Government that prioritises the very rich at the expense of everyone else. By rejecting Labour’s proposals for a windfall tax on oil and gas companies to help bring down bills, they are choosing to put energy profits ahead of people who are struggling to make ends meet or heat their homes.