Davey: A cosy meeting with energy companies isn’t enough


Ed Davey has warned that tomorrow’s meeting between government ministers and energy companies risks becoming “a pointless talking shop” unless a tougher windfall tax is confirmed.

He demanded that the Business Secretary and Chancellor impose a tougher windfall tax on energy companies to fund the scrapping of October’s energy price rise. He wants the rate raised from 25% to 30% and its scope increased to include profits since October 2021.

He thinks this could raise around £20 billion, four times more than the government’s weaker levy is currently expected to generate.

Ed said:

“There is no time to waste in putting in place a tougher windfall tax, so we can raise extra cash and cancel October’s energy price rise.

“The Conservative government’s windfall tax has been far too soft on the energy bosses who are making eye-watering profits from this crisis whilst the British public suffer.

“This meeting cannot afford to be another pointless talking shop. Families and pensioners worrying about how to pay the bills this winter need a clear plan now.”

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  • Helen Dudden 11th Aug '22 - 11:16am

    Dear Ed, other countries leave us behind with moving on Transport and green issues.
    France and EDF energy has been raised by 4%, Spain free travel in some area’s, Germany 10€ and this is to help for present.
    I know in Spain, that they restrict energy in shop window lighting at night. Also, air con but the air con units are much economic in use.
    There is some much positive change that could become useful.
    My grandson lives in Madrid and it is hot and approaching 40 degrees soon.
    So much funding and time has been wasted by this government, Brexit was in the interest of those who were pushing it through.
    It hardly feels democracy.

  • Rather than a windfall tax, why not a permanent increase in the corporation tax rate for Oil and Gas profits, already 10% higher than standard corporation tax rate ?
    This would 1) Provide money for government expenditure, 2) encourage big oil to move into renewables, as most are already doing and 3) provide greater certainty for the industry moving forward.

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