‘Don’t tax energy giants – they invest in Britain’s future.’ Let’s drill down into that | Tessa Khan

North Sea developments aren’t about lowering bills or securing energy supplies – they’re just business as usual

The image of Elsie, the 77-year-old pensioner whom Good Morning Britain’s Susanna Reid used as an example when interviewing Boris Johnson about the cost of living crisis on Tuesday, was shocking. Having to eat just one meal a day and riding on buses to avoid putting on the heating on at home: it’s morally – and politically – indefensible. Just imagine the extreme measures people will be taking come autumn, when temperatures drop and energy bills rise yet again.

According to Reid, Elsie’s energy bills have risen from £17 a month to £85 a month. Meanwhile, the energy company BP just announced underlying quarterly profits of nearly £5bn; Shell’s profits are likely to be similarly huge. Asked whether he would countenance taking some of the profits from oil giants like BP and Shell to help people such as Elsie, Johnson said: “If you put a windfall tax on the energy companies, what that means is that you discourage them from making the investments that we want to see.”

Continue reading...

from The Guardian https://ift.tt/9Ot5xVN