'We need new ministers to tax these profits fairly and mend Britain's broken energy system'
The parent company of British Gas, Centrica, has reported profits of £1bn in the first half of 2024 with the latest figures prompting campaigners to put renewed pressure on the government for fairer taxation.
Greenpeace has urged the Labour Party to introduce a windfall tax and use the money to fund energy saving initiatives, after highlighting the huge profits gained by energy companies at a time when fuel bills sky-rocketed.
Greenpeace UK’s climate campaigner, Georgia Whitaker, said: “Centrica is still reaping the billion pound benefits of an energy crisis driven by the war in Ukraine and our dependence on fossil fuels.
“The government should step in and rapidly implement a proper windfall tax to stop big polluters like Centrica making obscene profits from bill payers, whilst destroying our planet.
“Those taxes could then help fund the roll-out of insulation and heat pumps so we can all get off expensive and planet-heating fossil fuels once and for all.”
Responding to the latest profits, anti-poverty campaign group Warm This Winter accused mega corporations of “bleeding bill payers dry” as millions in the UK continue to experience fuel poverty.
Spokesperson for the group, Fiona Waters, said: “It is just so unfair and there has to be a line drawn in the sand.
“That’s why we’re calling for an end to the oil and gas industry profiteering by properly taxing the wider sector, including suppliers like British Gas and passing that onto households struggling to stay warm.”
Coordinator of the End Fuel Poverty Coalition, Simon Francis, demanded ministers “tax these profits fairly” and introduce measures to help struggling households stay warm this winter, such as support to tackle energy debt.
“These profits are built on the backs of the millions of people suffering from record energy prices, which are simply unaffordable,” said Francis.
“But the billion pound question now is what the Government does next?”
“We need new ministers to tax these profits fairly and mend Britain’s broken energy system. While Bringing down bills permanently will take time, there are actions which can be taken right now to help struggling households stay warm this winter.”
This week was dubbed ‘Profiteers Week’ by campaigners as interim profit results were due for five energy companies who already raked in £240 billion during the energy crisis. Fiona Waters called the figures “obscene”.
Owner of Scottish Power, Iberdrola, announced its net profit had increased by 64% to £3.47bn in the first six months of the year.
Hannah Davenport is news reporter at Left Foot Forward
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