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Sensibly though, the EU will ease any blows because they’ve introduced a windfall tax on energy companies that will be redistributed.
https:/
If only we’d done the same before knocking out tax-easing plans for the wealthy on the back of a fag packet without an OBR report….?
https:/
If only we’d done the same before knocking out tax-easing plans for the wealthy on the back of a fag packet without an OBR report….?
\\Ministers have agreed windfall taxes on certain energy companies as well as mandatory cuts in electricity use.
The plan includes a levy on fossil fuel firms' surplus profits and a levy on excess revenues made from surging electricity costs.//
Certain energy companies, why not all, cuts in electricity use, will they be turning peoples lights out.
and the big question is
what are surplus profits, how much?
The plan includes a levy on fossil fuel firms' surplus profits and a levy on excess revenues made from surging electricity costs.//
Certain energy companies, why not all, cuts in electricity use, will they be turning peoples lights out.
and the big question is
what are surplus profits, how much?
The UK announced the first winfall tax on enegy companies back in May. Much to the annoyance of the same people who are hailing the UUSSR windfall tax on the very same enegy companies. Funny old World....
Buried at the bottom of the bbc link.
""In the UK, former Chancellor Rishi Sunak introduced a similar tax to Friday's EU agreement in May, which he called the Energy Profits Levy.""
Oh dear back to the drawboard.
https:/
Buried at the bottom of the bbc link.
""In the UK, former Chancellor Rishi Sunak introduced a similar tax to Friday's EU agreement in May, which he called the Energy Profits Levy.""
Oh dear back to the drawboard.
https:/
webbo3
//Certain energy companies, why not all, cuts in electricity use, will they be turning peoples lights out.
and the big question is
what are surplus profits, how much?//
Well I’d hazard a guess they’ll set their own parameters but I’d reason it’ll be the ones who make unprecedented and hugely unexpected profits?
Obviously the link is a few weeks old.
https:/
/There has been widespread anger at Shell, BP and British Gas owner Centrica announcing bumper financial results while households struggle with soaring bills. Education Secretary James Cleverly said Mr Zahawi and Mr Kwarteng would “knock some heads together” when they meet energy bosses tomorrow and “hold them to account” for the profits as gas and oil prices surge, partly due to the war in Ukraine./
https:/
/At the beginning of last week, BP reported underlying profits of £6.9bn for the three months to June. This is the second highest figure in its history and more than triple the amount it made during the same period in 2021. This meant their half-year profits rose to $14.6bn (£12.2bn).
Meanwhile, Shell reported second-quarter profits of £9bn.
During the same week, Consultancy Cornwall Insight said the typical gas and electricity bill in England, Wales and Scotland could reach £3,615 in the new year, which is hundreds more than previous predictions. However, in their latest energy forecast, the average bill is now expected to reach £4,266 in January.
As energy bills are expected to rise even further, the likelihood is that additional profits for energy companies will follow. But is this morally right during a time where households and businesses across the UK are struggling to make ends meet?/
Seems fair in such troubled times? Or do you prefer the Truss plan to load it all onto us and our children instead, whilst squeezing the NHS even more as they look to ‘trim the fat’?
//Certain energy companies, why not all, cuts in electricity use, will they be turning peoples lights out.
and the big question is
what are surplus profits, how much?//
Well I’d hazard a guess they’ll set their own parameters but I’d reason it’ll be the ones who make unprecedented and hugely unexpected profits?
Obviously the link is a few weeks old.
https:/
/There has been widespread anger at Shell, BP and British Gas owner Centrica announcing bumper financial results while households struggle with soaring bills. Education Secretary James Cleverly said Mr Zahawi and Mr Kwarteng would “knock some heads together” when they meet energy bosses tomorrow and “hold them to account” for the profits as gas and oil prices surge, partly due to the war in Ukraine./
https:/
/At the beginning of last week, BP reported underlying profits of £6.9bn for the three months to June. This is the second highest figure in its history and more than triple the amount it made during the same period in 2021. This meant their half-year profits rose to $14.6bn (£12.2bn).
Meanwhile, Shell reported second-quarter profits of £9bn.
During the same week, Consultancy Cornwall Insight said the typical gas and electricity bill in England, Wales and Scotland could reach £3,615 in the new year, which is hundreds more than previous predictions. However, in their latest energy forecast, the average bill is now expected to reach £4,266 in January.
As energy bills are expected to rise even further, the likelihood is that additional profits for energy companies will follow. But is this morally right during a time where households and businesses across the UK are struggling to make ends meet?/
Seems fair in such troubled times? Or do you prefer the Truss plan to load it all onto us and our children instead, whilst squeezing the NHS even more as they look to ‘trim the fat’?
Togo,
//""In the UK, former Chancellor Rishi Sunak introduced a similar tax to Friday's EU agreement in May, which he called the Energy Profits Levy.""//
But that was the one back in May, before the even bigger profits in June were published, not to mention the £170 billion they’re forecast to reap in the next two years.
Someone with your usual fiscal acumen already knows that though?
Or are you like a few similar ones on AB happy to see the energy companies get even bigger profits on top of the misery of winter?
Actually, no need to answer that, we already know.
//""In the UK, former Chancellor Rishi Sunak introduced a similar tax to Friday's EU agreement in May, which he called the Energy Profits Levy.""//
But that was the one back in May, before the even bigger profits in June were published, not to mention the £170 billion they’re forecast to reap in the next two years.
Someone with your usual fiscal acumen already knows that though?
Or are you like a few similar ones on AB happy to see the energy companies get even bigger profits on top of the misery of winter?
Actually, no need to answer that, we already know.
//There has been widespread anger at….British Gas owner Centrica announcing bumper financial results while households struggle with soaring bills.//
I don’t know why. Shares in Centrica have lost half their value in five years. In 2017 and 2018 they paid 12p per share in dividend. In 2019 this was reduced to 1.5p. Since then they have paid nothing though they have recently announced a massive 1p per share dividend as an interim sum for the current year. If anybody is justified in expressing widespread anger, it is the hard-pressed shareholders of Centrica (yours truly included).
The financial situation of most EU countries is worse than the UK. Inflation is over 7% in all countries, it is higher than the UK in the eurozone and the EU as a whole. It is higher than the UK in Germany, Austria, Belgium, Greece, Netherlands. It is considerably higher (between 15% and 20%) among the eastern European members and the Baltic states. The notion that it is the UK and the UK alone that is suffering these problems is nonsense. The only place the UK is alone in is in recognising the root cause of the problem (printing worthless money supported by close to zero interest rate to give a false impression of "growth") and trying to do something about it. If the UK's actions have not yet affected the EU they soon will because they too will have to come to accept what the cause of the problem is and they too will have to do something about it.
I don’t know why. Shares in Centrica have lost half their value in five years. In 2017 and 2018 they paid 12p per share in dividend. In 2019 this was reduced to 1.5p. Since then they have paid nothing though they have recently announced a massive 1p per share dividend as an interim sum for the current year. If anybody is justified in expressing widespread anger, it is the hard-pressed shareholders of Centrica (yours truly included).
The financial situation of most EU countries is worse than the UK. Inflation is over 7% in all countries, it is higher than the UK in the eurozone and the EU as a whole. It is higher than the UK in Germany, Austria, Belgium, Greece, Netherlands. It is considerably higher (between 15% and 20%) among the eastern European members and the Baltic states. The notion that it is the UK and the UK alone that is suffering these problems is nonsense. The only place the UK is alone in is in recognising the root cause of the problem (printing worthless money supported by close to zero interest rate to give a false impression of "growth") and trying to do something about it. If the UK's actions have not yet affected the EU they soon will because they too will have to come to accept what the cause of the problem is and they too will have to do something about it.
judge: "The financial situation of most EU countries is worse than the UK. Inflation is over 7% in all countries, it is higher than the UK in the eurozone and the EU as a whole. It is higher than the UK in Germany, Austria, Belgium, Greece, Netherlands. It is considerably higher (between 15% and 20%) among the eastern European members and the Baltic states." - steady on judge you'll give the 5C a coronary! They'll be spiting out their organic peace porridge that their beloved EUSSR is worse off than us!
Theres a lot of misunderstanding from fatticus and others about these windfall taxes. The windfall profits are being made by people like BP and Shell so theres a good target there yes, but theres no excess profits by our energy suppliers like BG, Eon, EDF whos profits are capped by the regulator and would be at most £1 aweek per household if ALL profits were confiscated.
But how easy is it to tax these profits , are they based here, isnt everyone else trying to tax Shell etc. And can they really be making hundreds of billions, If they are then lets take a bigger share of prevent the profit taking but I just dont believe there making hundreds of billions and stashing it away in bonuses
But how easy is it to tax these profits , are they based here, isnt everyone else trying to tax Shell etc. And can they really be making hundreds of billions, If they are then lets take a bigger share of prevent the profit taking but I just dont believe there making hundreds of billions and stashing it away in bonuses
Lol, you’re out of your depth again Bobbin!
Energy companies have their profits capped do they?! What’s the cap on their profits? Do you have a percentage figure? Got a link to that because I’m sure their shareholders would be devastated to know there’s a cap on profits!
Any proof whatsoever?
Yet I’m the one ‘misunderstanding’?
You’d benefit from going back to school, seriously.
Energy companies have their profits capped do they?! What’s the cap on their profits? Do you have a percentage figure? Got a link to that because I’m sure their shareholders would be devastated to know there’s a cap on profits!
Any proof whatsoever?
Yet I’m the one ‘misunderstanding’?
You’d benefit from going back to school, seriously.
//But that was the one back in May, before the even bigger profits in June were published,//
You must try to accept that peevish spiteful posting does not prove a point ... even if you occasionaly post a correct one. The bigger profits have yielded a bigger payout from the enegy companirs because it was a % of profit levey! Amateur left wing economists alway were notoriously muddled. From the link provided.
""When announced, the tax was expected to raise £5 billion in the first year. The latest government estimate puts revenue from the levy roughly 50% higher at £7.7 billion in the 2022-23 fiscal year, with the figure set to exceed £10 billion the following year.""
You must try to accept that peevish spiteful posting does not prove a point ... even if you occasionaly post a correct one. The bigger profits have yielded a bigger payout from the enegy companirs because it was a % of profit levey! Amateur left wing economists alway were notoriously muddled. From the link provided.
""When announced, the tax was expected to raise £5 billion in the first year. The latest government estimate puts revenue from the levy roughly 50% higher at £7.7 billion in the 2022-23 fiscal year, with the figure set to exceed £10 billion the following year.""
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