Polly, Polly….

He could do it without notes because it was an autopilot compilation of the dullest parts of every speech he has made, mantra after clunking mantra, pacing up and down to the same old tropes.

That\’s a nice enough description of a Brown speech, yes. Not got it for the Big Viking any more then?

But this is ludicrous.

Why not start with that windfall of the oil companies\’ extra profits, using that £10bn to ease the pain of those on the lowest incomes?

1) The oil companies aren\’t in fact making any extra profit in the UK. Their distribution networks haven\’t increased their profitability.

2) A lot of the rise in profits is simply an accounting fiction. They will reverse when the oil price falls into horrendous losses. If prices stay stable then profits will fall back to historical levels (in percentage terms).

3) Given the pain that high oil prices are causing, we\’d rather like people to go out and spend the money trying to find more. Making trying to find more less profitable isn\’t known as one of the ways to do this. Indeed, when Brown raised taxes on North Sea oil fields production dropped: as your own paper reported.

In short, this is an entirely barking idea.

 

4 thoughts on “Polly, Polly….”

  1. There’s no point berating the bloody woman; she doesn’t write that crap you know. There’s an android wot does it. Obvious, innit?

  2. Didn’t you argue a couple of months ago that oil company managers were not necessarily the right team to manage new technology companies and that oil companies should be wound down if we have indeed reached peak oil?

    I still agree that returning the money to shareholders is still much better than allowing Gordon and Polly to squander it.

    Tim adds: “oil company managers were not necessarily the right team to manage new technology companies and that oil companies should be wound down if we have indeed reached peak oil?”….”could” be , not should, but yes.

    But if we want people to go and find more oil and gas then oil companies are just the ticket.

Leave a Reply

Your email address will not be published. Required fields are marked *