Asked about the prospect of taxing energy firms’ profits to ease the cost-of-living crisis, Mr Sunak replied: “If we don’t see that type of investment coming forward, if companies aren’t going to make investments in our energy security, of course that’s something I’d look at.”
But then of course just imagine the squealing if he taxes *all* energy firms, the renewables as well….that might be worth even the stupidity of the basic idea.
So the government imposes insane and unachievable net-zero policies, slaps hideously expensive green levies on bills, shuts down fracking, shuts down conventional power plants, sits on its hands for years rather than commission additional much-needed nuclear facilities, covers the countryside with ugly and inefficient (as in only working when the wind is “just right” Goldilocks-style) turbines of an indeterminate useful life with zero consideration for the cost or the practicality of decommissioning them once redundant, purchases wood chips to be ferried across the Atlantic etc etc…..…..and then blames the energy companies for not investing more.
Meanwhile China and India burn more coal.
The government also stands by while idiot protestors shut down refineries, chain themselves to tankers, pour oil over the floor of the Tate to protest against sponsorship by “evil oil” etc. And it turns out that we do need oil after all so we propose to tax it even harder than we do already. This is Debenism
So… if energy companies don’t reinvest their profits Chief Idiot of the Treasure will take their profits and piss them against the wall.
I wonder if lack of investment has anything to do with price caps, and investing in fossil fuel energy will not yield a return, nor will investing in unsustainables without massive subsidies.
Are we heading for renationalisation of energy supply? That would be fun.
It might be a good idea to encourage energy firms to invest instead of hammering their paper profits.
Naive of me, I know.
Has anyone asked the government if they have any plans for dealing with the fall out if Vlad goes full tonto? Like ensuring that stocks of Iodine are available in local pharmacies for instance.
Please can Rishi Sunak find some other employment instead of adding uncertainty to an already problematic area? For a low-tax chancellor his instincts are depressingly tuberous and as any fule kno, if you want to encourage businesses to invest you liberalise capital allowances rather than threaten tax-hikes.
Good comments from all. We see clearer than Rishi “Headlines” Sunak
As TMB above says: uncertainty