Forum Topic

Glory be to profits …

… proclaimed Liz Truss just before the Queen died. Which is why she refused a windfall tax on the energy producers who are taking £174 billion in excess profits.  Instead she announced a so far un-costed plan to limit our energy bills by agreeing to pay back the energy retailers and thus the producers with around £200 billion from government borrowings. In other words she pledged our money rather than taxing the unearned profits of large companies. As all political discussion and analysis seems to have been suspended during this mourning period Ms Truss must be breathing a sigh of relief that Queen Elizabeth II died when she did.Nick

Nicholas Evans ● 1007d3 Comments

So I read today in the Independent that the EU are going to tax huge energy company windfalls:https://www.independent.co.uk/news/world/europe/eu-windfall-tax-energy-firms-b2166915.html

Philippa Bond ● 1005d

They don't need such huge profits in order to invest in infrastructure anyway as they could easily borrow - so unlike many of those who are struggling to keep their businesses going.

Philippa Bond ● 1006d

I could not understand Liz Truss' argument.She said that profits are needed for investment in infrastructure.  Correct.Taxing companies' profit will reduce investment.  True.The problem is that these companies have not been "investing" on infrastructure of some time and, according to a CEO, they have a level of profits they do not know what to do with them.I suggest Liz Truss should say something to the effect that, if their profits are so enormous and they do not know what to do with them, perhaps philanthropy would be a good avenue to pursue?

Ivonne Holliday ● 1007d