Energy companies raking in the profits can't escape Autumn Statement pain - The Yorkshire Post says
One of the few welcome measures that Liz Truss’s short lived Government implemented was the energy price guarantee. It came at a great financial cost but the human cost would have been far higher had people been left to freeze as the days become shorter.
However, the Truss administration refused to implement a further windfall tax on energy companies raking in eye-watering profits off the back of Vladimir Putin’s mindless war against Ukraine.
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Hide AdNew PM Rishi Sunak can ill-afford ideological dogma. When his Chancellor Jeremy Hunt stands at the despatch box to deliver the Autumn Statement, there will clearly have to be unpopular and difficult choices to be made.
Spending cuts and tax rises are on the horizon with ordinary people already feeling the pinch as the cost of living continues to spiral out of control.
Shell just revealed that it had double profits from last year to £8.2bn for the three months to the end of September, emerge without having to pay a penny more in
The company also profited to the tune of £10bn earlier in the year and is on course for its most profitable year ever.
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Hide AdHow will it sit with those struggling families if energy giants like Shell escape paying more in taxes while they have shoulder the burden of an ailing economy?
In normal circumstances, private companies have every right to pursue profit and not face a penalty for profits. But these aren’t normal times and nor is energy a simple private enterprise - it is a key policy and security issue. If the new Government is going to pitch the next budget as one of necessary pain then an expansion of the windfall tax can’t be avoided.