Prem Sikka: Why the government’s Windfall Tax on oil and gas companies doesn’t go far enough
The 25% tax is only on selected profits of oil and gas companies, mainly North Sea profits of what the legislation calls “ring fence trade”.
The 25% tax is only on selected profits of oil and gas companies, mainly North Sea profits of what the legislation calls “ring fence trade”.
‘The government has produced an energy strategy which has ignored the overwhelming evidence detailing the harm caused by extractive industries’.
5 steps the country could take to ensure a cleaner and more affordable future.
Over half (55.7%) of lone-parent households (855,938) will be in fuel poverty from today
Sunak is said to have told colleagues ‘he wants to turn off the spending taps and that every “marginal pound” should go towards tax cuts’.
‘As war continues to rage in Ukraine, sending already surging gas prices even higher, the Chancellor investing in net zero isn’t just good economic policy, it’s also in the interests of our national security.’
Millions of families up and down the country are struggling with the cost of living crisis, which according to the Bank of England has seen the cost of living hit a fresh 30-year high.
This week Shell reported that its profits have increased from $4.85bn to $19.3bn as rising energy prices have filled its coffers.
‘The government’ s cost of living crisis is entirely of its own making’
‘If we want to limit global temperature increases to 1.5C, we need to keep fossil fuels in the ground. This means our power will come mainly from renewables’